Half give ‘no thought’ to paying for funeral
Research by the Funeral Planning Authority (FPA) has revealed that 52% of people have given no thought to how they will pay for their funeral.
The FPA’s survey of 1,000 UK adults showed that even among over-55s, almost a third say they have not given the issue any thought. Only 14% predicted that average funeral costs were in the £3,500 to £4,000 range, with two-thirds of people expecting lower prices.
Graeme McAusland, CEO of the FPA, said: “Although the research suggests that many are putting off thinking about how they would pay for their funeral, it is encouraging that those who are considering it are actually making arrangements.
“The figures show an emerging group of financially astute over-45s are either buying funeral plans, life insurance policies or putting aside savings. This backs up what we are seeing, and that is the demand for and general interest in prepaid funeral plans among over-60s.”
More than 40% said they were concerned about rising funeral prices, including hidden costs and loved ones overpaying.
He added: “This highlights that quite a few of the concerns people have about paying for a funeral are around escalating or hidden costs.
“Buying a pre-paid plan helps protect against both, so we believe that increased awareness of this will fuel further growth of the industry. Providers of these pre-paid plans are delivering a good quality product and service that consumers can really trust.”Tags: FPA, Funeral Planning Authority, Graeme McAusland, planning, plans, research