The ‘funeral time bomb’ financial threat

21st March 2016


Many people are in serious danger of leaving a legacy of debt for failing to plan for soaring funeral costs, according to a report from the mutual financial services company, OneFamily.

The group’s latest ‘The OneFamily 2015 Funeral Costs Tracker has reveals that in the UK between 2014 and 2015 the average price of a cremation rose by a huge 10% from £3,239 to £3,572, while the price of a burial rose by 4%.

Although both were an improvement on last year’s statistics, where burials rose by 9% and cremations by 12%, the cost of putting loved ones to rest is still rapidly increasing.

The report revealed that the difference between the average price of burials in London compared to Northern Ireland is a staggering £3,435.

The lowest cost was found in Tyrone, Northern Ireland at £2,510 and the highest in Greater London at £8,250. Fees for both administration and professional guidance were the most expensive components of burials, costing on average a whopping £2,050, including hearse collection and care of the body.

The cost of a cremation has risen by 22% since 2012, taking the average UK cost from £2,896 to £3,572 in just three years. Similarly to burials it is the administration and professional fees that make up the highest cost at £2,069 on average, while death and funeral notices on average cost only £93. The results also showed that administration fees were the highest in Scotland.

OneFamily has created a funeral cost calculator available to any UK resident to help calculate the cost of a funeral where they live, as the report reveals prices can vary by thousands of pounds nationwide.

Elsewhere Co-op Funeralcare’s online funeral plan sales have increased by 60% in the last 12 months, according to the firm.

Following the launch of the funeral provider’s online proposition, business data highlights that those adults making their final wishes online are doing so at a younger age. The average age of putting plans in place online is now five years younger than those who make funeral plans within one of Co-op’s 900 funeral homes.

David Collingwood, operations director for Co-op Funeralcare said: “As many as 91% of UK adults do not have a funeral plan in place. It’s encouraging that our online planning service is helping to combat this, as more people are putting their final wishes in place at a younger age.”

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