A survey of 2,000 adults has revealed that nearly half of Britons do not have a will in place with over a third stating they do not feel old enough to need one, and one in five are unsure where to start with the process.
Yet the study also found that 24 per cent of people would struggle to cover the costs of a family bereavement, with an additional 21 per cent uncertain if they could manage the expenses.
Only a third currently have enough cash savings to cover their own funeral if necessary, while just 19 per cent hold life insurance. Among those who have savings set aside, the average amount is £4,358.
The Annual Funeral Report published by British Seniors highlighted the growing expense of funerals, with the average now standing at £5,212 a 15-per-cent rise in just one year. The cost of a burial could now reach £11,348, while a cremation might cost as much as £9,529.
A spokesperson for the insurance company stated: “Funerals are an expensive business, and too often, people don’t have plans in place to cover the costs. 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 report, incorporating a survey of 1,500 adults who arranged a funeral in the past five years, found that nearly half contributed to, or paid entirely, the costs connected with a loved one’s funeral, averaging £2,732 from their own pockets. Reasons for bearing funeral expenses personally included sudden deaths lacking financial preparation, the wish to provide a more fitting farewell, and insufficient savings by the deceased.
One third of individuals arranging funerals were shocked by the higher-than-expected costs, leaving 28 per cent stressed and 23 per cent feeling overwhelmed by the financial demand. The ongoing cost-of-living crisis, affordability of a dignified funeral has become more daunting for one in three people.
A spokesperson for British Seniors Life Insurance remarked: “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.”