A standard funeral in the UK currently costs an all-time high of £3,785, according to the Royal London National Funeral Cost Index.
Funeral expenses are higher than ever, and people are taking on more debt to cover them on a daily basis. An average of £1,990 is borrowed by 14% of people on a yearly basis to cover the cost of a loved one’s burial. The entire amount owed by the UK for funerals is £147 million.
One in four people who needed more money to cover the cost of a funeral reported using credit cards, loans, and overdrafts to cover the expense. One in five people borrowed money from friends or relatives. One in eight had to scale back their original plans because they were unable to borrow money or afford the charges.
Kensal Green, in London, continues to be the most costly site in the nation to have a funeral; an average burial there costs over £13,000. London has a lower average funeral expense, at £4,939. Northern Ireland, and Belfast in particular, is the region of the UK where funeral arrangements are the least expensive. Here, the average price is £2,943.
The government is thinking about how to lessen this burden in light of the sharp increase in funeral costs, stagnating (or even declining) earnings, and further austerity measures. In addition to being a financial concern, it comes at a time when things are already very difficult and can lead to illnesses like stress and depression in people left behind.
Even though it is a benefit, the Funeral Expenses Payment does not fully cover even the most basic funeral costs, thus the government is looking for ways to make it better.
People can choose to purchase a funeral plan during their lifetimes as one alternative. The amount needed for the funeral will be saved with a monthly payment spread over a specified number of years. If you are paying for this yourself, it’s crucial to let your family know so they can use the money to plan your funeral. Writing down your funeral wishes is also a smart idea because it will reduce the likelihood that your relatives may go beyond.
