One in three UK adults had to borrow money to pay for a loved one’s funeral
Research of 1,549 people who have organized funerals in the past five years also found that 38% of those who contributed to the cost of the shipment found it difficult to cope with the added financial pressure.
A nationally representative survey of 2,000 people found, on average, that respondents paid almost £ 2,000 out of pocket for the funeral of their loved one, with 14% paying more than £ 3,500.
And 69 percent of people aged 18 to 24 had to contribute to funeral expenses, while 45 percent of people over 65 did the same.
Due to their payment for a funeral, 31 percent had to borrow money to cover expenses while nearly one in five were left behind on their own financial liabilities.
One in six have used credit cards and payday loans to foot the bill.
Average funeral costs
David Rees, Executive Director of British Seniors, said: “There are many considerations when it comes to a funeral, and each can have an impact on the cost.
“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 costs of the funeral, while they still have to come to terms with their loss and try to balance their own daily expenses. “
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 percent said the money they the deceased had set aside ended up having to pay for something else.
However, among those same respondents, more than one in four wanted a better start than budgeted despite the unexpected cost.
No savings for funerals
A third didn’t put anything aside for their own funeral expenses according to OnePoll’s research.
Having to cover such costs left 41 percent under stress, with more than a quarter overwhelmed by the additional cost.
Another 25 percent had lower disposable income for a long time, and 19 percent were in arrears.
David Rees of British Seniors added: “While your own funeral isn’t necessarily something you should be thinking about, it’s important to have plans in place.
“Spending a little time and money now can go a long way in helping your friends and family, allowing them to celebrate your life without the burden of unforeseen funeral expenses. “