As the average total cost of dying now exceeds £7,000, nearly half the population are leaving themselves and their families financially unprepared to meet this ever-increasing cost.
Sun Life Direct's annual total cost of dying survey has revealed that on average a funeral will cost £2,733 whilst the additional extras could result in a total bill of £7,098.
A typical funeral is predicted to increase by 31% between 2009 and 2014 and yet nearly half of those who died (46%) had not made any provisions for their funeral.
Whilst Scots are the most likely to have made provision for funeral costs, Londoners are the least likely, even though the average total cost of dying in London has nearly reached the £10,000 mark.
59% of people who had put provision in place for funeral costs cited savings or investments as the source. However, the recent interest rate cuts and stock market volatility could reduce the return people make on their savings and in turn lessen the amount they have to fund a funeral.
Out of the additional costs, there was a significant increase in the average amount that family members spend on memorials, rising from £637 to £726, an increase of 14% from last year. Whilst there is a trend for saving money on catering, with the average cost falling from £350 to £317, suggesting that in the current economic climate consumers are more likely to spend money on personal, commemorative items.
Mark Howes, Managing Director, Sun Life Direct, said: "As funeral prices are predicted to increase it's important that people think about putting the right provisions in place. Sharing your funeral preferences with loved ones can be particularly emotional and understandably this is a topic most of us would prefer not to talk about. But organising a funeral can be extremely stressful and painful, without having the added worry of not being able to cover the costs."
Our previous company performance is not a guide to how we may perform in the future.
Date: 10th, September, 2009
Author: Charmaine L. Horan
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