This shocking increase is being put down to a lack of burial space combined with a sharp rise in the number of funerals, thanks to the ageing population of Britain. As the number of deaths continues to rise, so does the pressure on funeral services, pushing costs even higher.
Not planning for funeral costs could lead many into debt. While some people leave financial provision for their funeral, many do not. It is estimated that 22% of those who have arranged a funeral in the past five years had to do it without financial provision having been made by the deceased, which causes real problems for the loved ones they leave behind- especially when you consider that more than half of UK households have less than £3,000 in savings.
Given that financial support for the bereaved is very limited – in 2012 Government Funeral Payments covered just 37% of the costs of a simple funeral- it seems that those on modest incomes may have no option but to go into debt. The chances of even qualifying for Government Funeral Payments are slim; the conditions are so strict that over 2012-2014, over 47% of applications were turned down.
It is estimated that in 2013, around 109,000 UK adults incurred funeral debt, averaging at £1,305 debt per person. The total funeral debt equated for that year stood at 142 million pounds. Specialists are now projecting that this could reach a quarter of a billion pounds by 2035, thanks to the baby-boomers reaching the later stages of life.
This is a grim outlook for British families, but there are ways to avoid a financially crippling funeral, such as putting aside savings for your family to use after you pass. Of course, not everyone can afford to designate savings to the cost of a funeral, and understandably it probably isn’t at the top of the list of priorities for most people.
However, there is a cost-effective and affordable solution to this – taking out a funeral plan. Not only does pre-planning protect relatives from large funeral bills, adding significant stress at an already difficult time, it also ensures that the deceased’s wishes for their funeral are followed exactly. When you take out a funeral plan, the cost of your funeral is frozen at today’s prices, meaning you won’t fall victim to the outrageous price hikes that are coming in the near future. Instead, you are safe and secure in the knowledge that your funeral cost has been set, your wishes will be followed, and your family will not face any financial burden when your time comes.
If you are interested in finding out more about funeral plans, click here or select your location on the map below. It takes less than a minute to fill out the form for a free, no obligation funeral plan quote, so what have you got to lose?
all stats taken from: www.ilcuk.org.uk/index.php/publications/publication…/the_funeral_time_bomb
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