Study shows drastic measures needed to pay for funeralsMarch 2, 2016 // No Comments
Research from the British Seniors Insurance Agency has shown that British consumers have had to take drastic measures to pay for funerals and help manage the affairs of deceased friends and family. Over the past five years, 2.7 million people have been forced to use some form of finance such as credit cards, personal loans and payday loans, spending £1.6 billion over the time period. Funeral costs are made up of a variety of expenses in addition to the funeral director’s services including crematoria and doctors’ fees.
The report also suggests that the average expected funeral cost is forecast to rise by 22% over the next decade. Despite many reports on the increasing costs of funerals and the poverty caused by needing to cover a loved one’s funeral, the report showed that only 21% of UK adults have some form of life or funeral cover in place to cover the costs of their own death.
The full report may be read here.