Consumers unprepared for cost of dying

Nearly half the population are leaving themselves and their families financially unprepared to meet the ever-increasing cost of dying, according to Sun Life Direct’s annual total cost of dying survey.

The report has revealed that on average a funeral will cost £2,733 whilst the additional extras could result in a total bill of £7,098. Furthermore, a typical funeral is predicted to increase by 31% between 2009 and 2014, yet nearly half of those who die (46%) are likely to have 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.

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.”

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