1 in 5 are unsure if they could afford funeral costs (Image: Getty)
A study involving 2,000 adults has revealed a concerning lack of preparedness among Britons for their final affairs, as nearly half do not have a will. Delving into the reasons why, 33% say they don’t feel old enough to need a will and 19% are baffled about starting the process.
Moreover, the research uncovered financial vulnerabilities related to bereavements, with 24% of participants admitting they would find it difficult to afford the costs associated with a family member’s death, and 21% uncertain if they could manage the financial burden.
Shockingly, just a third (32%) have the financial resources set aside to pay for their own funeral when the time comes, while a mere 19% maintain life insurance policies. The average savings pot among those who have put money away stands at £4,358.
Figures from the by British Seniors, highlighs the soaring cost of funerals, which now average at £5,212 marking a steep 15% increase within a year. Burial fees can escalate up to £11,348, and cremation expenses can rise as high as £9,529.
Commenting on these findings, a spokesperson from the insurance company stated: “Funerals are an expensive business, and too often, people don’t have plans in place to cover the costs.
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“This can result in families being hit with unexpected bills, adding significant stress to an already difficult time. Our annual report examines all areas of spending involved in giving a loved one an appropriate send-off and it can be costly.”
The recent report, which included a survey of 1,500 adults who had organised a funeral in the past five years, revealed that nearly half (44%) contributed to the costs of a loved one’s funeral, with an average personal expenditure of £2,732.
The main reasons for covering funeral expenses themselves were unforeseen deaths without financial preparations, the wish to provide a more fitting farewell, and insufficient savings by the deceased.
A staggering one-third of those who arranged funerals found the costs steeper than expected, causing 28% to experience stress and 23% to feel overwhelmed by the financial demands.
Additionally, the current cost-of-living crisis has exacerbated concerns about affording a dignified funeral, affecting one in three people.
A spokesperson for British Seniors Life Insurance commented on the findings: “This report highlights just how unprepared many people are for the worst whether it’s the death of someone they love or their own passing.
“Unfortunately, this often leaves families dealing with not just the grief of loss but also difficult financial decisions. It’s crucial for people to consider the bigger picture and take steps to ensure that those closest to them won’t be burdened with financial worries during an already heartbreaking time.”