Average funeral costs have risen by over £500 in the past year, a study has found – leaving a third of Brits worrying they will not be able to afford a loved one's final wishes for a send-off.
A poll of 2,000 adults found that three in ten claimed they could not afford funeral costs if they were to suffer a family bereavement now, in the midst of the ongoing cost-of-living crisis.
One in four (24%) have put off looking into funeral costs in more detail, with 34% having no idea how much the occasion could set them back.
And, despite 35% knowing exactly what their nearest and dearest wants, they worry that they would not be able to afford this in the current financial climate.
A separate study, of 1,501 adults, who have planned a funeral in the last five years, revealed 39% have even had to pay for certain elements out of their own pocket.
Of these, one in five (19%) reported the deceased didn’t have any money set aside for their own funeral – and for 34%, the death was unexpected, so no plan was in place.
This led to 47% feeling stressed, and three in ten (31%) struggling to cope with the added financial strain.
The insight was revealed in the British Seniors Funeral Report 2022.
A spokesman from the brand, which provides funeral cover to ensure family members aren’t left with a large bill when the moment comes, said: “Huge uncertainty in the world from many contributing factors has meant, just like everything else, funeral costs have inevitably had to rise.
“However, many are feeling like they couldn’t give a loved one the send-off they deserve, because they’ll have to cut corners on the details due to money being particularly tight at the moment.”
The study also revealed of those who have arranged a funeral in the last five years, and had to pay for certain elements themselves, they had to cover an average of 40% of the total costs.
This adds up to an average of £1,804 out of their own pocket per person, as well as from family contributions and loans.
Although 31% were able to plan the send-off they wanted because of a pay out from an insurance company.
And of the adults who haven’t yet started saving money to cover the cost of their own funerals, or taken out insurance for that purpose, more than a fifth (22%) feel they are “too young” to think about it.
Another 18% think the current cost-of-living crisis has impacted their finances, and 19% believe it’s simply too hard to think about.
But two-thirds (66%) believe funerals now are more expensive than they were five years ago – with 28% even saying they are “much” more costly, according to the OnePoll data.
As many as 78% believe the high costs of funerals adds significant stress to families already under the strain of bereavement.
A British Seniors’ spokesman added: “Our research found that people are, understandably, worried about how much they’d have on their mind if a loved one passed.
“Having to find almost £2,000 on average to pay for costs you hadn’t expected, will leave a huge hole in many people’s finances.
“The more you can do to mitigate those initial payments, the better – to ensure you’re able to give someone the send-off they’d have wanted.”
