One in three “had to borrow money” to pay for the funeral of a loved one

41% said the cost left them under stress (Photo: Getty / iStockphoto)

Losing a loved one turns your world upside down, the last thing you need besides pain and heartache is worrying about money.

This is exactly what is happening to thousands of people.

One in three adults had to borrow money to pay for a loved one’s funeral, according to a new report.

Research of 1,549 people who hosted funerals in the past five years also found that 38% of those who contributed to the cost of the shipment struggled to cope with the added financial pressure.

A national survey of 2,000 people also found that, on average, respondents paid almost £ 2,000 out of pocket for the funeral of their loved one, with 14% paying more than £ 3,500.

69% of 18-24 year olds had to participate in funeral costs, while 45% of those over 65 did the same.

Due to their payment for the funeral, 31% had to borrow money to cover expenses, while nearly one in five was left on their own financial commitments.

One in six have used credit cards and payday loans to foot the bill.

The new figures follow the release of the UK elderly funeral costs report, which found the average funeral cost to be over £ 5,600.

“There are many considerations when it comes to a funeral, and each can have an impact on the cost,” said David Rees, executive director of British Seniors.

“Many funeral expenses can come as a shock to the family of a lost loved one who is already grieving and now has to contemplate and face unforeseen expenses.

“It may mean that families have to fund some or all of the burial costs, while they still have to come to terms with their loss and try to balance their own daily expenses.”

Even when people plan ahead and put money aside for their own funerals, things don’t always go well.

Of those who had to pay for a departure, a quarter were unable to access funds that had been set aside for funerals through the estate, while 23% said the money the deceased had put aside ended up paying something else.

Of those same respondents, more than one in four wanted a better start than budgeted, despite the unexpected cost.

A third of people have nothing set aside for their own funeral expenses, according to OnePoll research.

Having to cover such costs left 41% of people under stress, with more than a quarter “overwhelmed” by the additional cost.

25% more had lower disposable income for a long time, and 19% found themselves in arrears.

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