A new study has found that 60% of UK adults have some worries about covering the costs of a loved one’s funeral.
The results revealed that these fears have been aggravated by the cost of living crisis, with one-quarter (27%) stating that this has made them more concerned about paying for these fees.
The findings come from Go.Compare Life Insurance, which surveyed the public to uncover their plans for end-of-life expenses. This follows the news that the cost of dying is climbing each year, rising by 5% to £9,658 in 2023, with the average funeral price in the UK now sitting at around £4,141. Just 40% were able to state that they have no concerns about covering these costs.
Young people are among those most affected, according to the research. One-third (32%) of respondents aged 18 to 24 said their worries have increased because of the cost of living crisis – the highest of any age group.
Concerns have increased across most ages, though, including those aged 40 to 54 (29%) and those over 54 (27%), with many feeling that their fears had been exacerbated by the current economic climate. Those who portrayed the least anxiety were respondents aged 25 to 39, with just one-quarter (24%) saying the crisis has made them more worried.
Despite this, the study shows that most people aren’t actively saving for funeral expenses, whether for themselves or a loved one. Just 13% say they are taking steps to save for these future fees, meaning a shocking 87% of respondents weren’t putting aside any funds for this situation.
However, some were less worried about the impact of the current crisis, as around a third (34%) felt it had not changed their level of concern. Rhys Jones, life insurance expert at Go.Compare, said:
“It’s worrying to see that one in four of us has become more concerned about affording a loved one’s end-of-life expenses because of the rising costs that we’re currently living with. At such a difficult time in life, funeral fees are something no one should have to worry about.
One way to quell worries about covering funeral costs is with life insurance, which can help your loved ones with these fees. Most policies even offer help with funeral expenses before the payout is given to the beneficiaries. With this in mind, it’s a shame that so few people are planning to rely on a life insurance policy to help cover these costs, as it can really put minds at ease knowing someone’s send-off is covered.”
