Over 50s in the UK “cannot afford to die” due to rising funeral prices amid the cost of living crisis, according to new research.
Analysis conducted by probate brokers Final Duties found the average cost of having a funeral increased £4,141 in 2023, rising by nearly £1,000 in the past decade.
In a survey of 1,000 Britons over the age of 50, 43 per cent said they are unable to afford this sum due to having insufficient savings.
Last year’s average funeral cost is £188 more expensive than in 2022, representing an annual rate rise of 4.8 per cent.
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Families are 'struggling to cover the cost' of funerals GETTY This means that the average cost of a funeral has gone up by £916 in the last decade, a 28.4 per increase within 10 years.
Some 48 per cent of those polled said they intend to actively save money for their funeral ceremony to avoid their loved ones footing the bill.
On top of this, 69 per cent of over 50s plan to have a low-cost or non-traditional funeral to mitigate the rising cost.
One of the contributing factors the price of funerals going up is due to the number of annual deaths in the UK increasing by 0.7 per cent in the past year.
Furthermore, the funeral services sector is struggling with a fluctuating number of directors with the size of the market shrinking by 17.7 per cent in 2022.
While the sector rose again by 4.1 per cent in 2023, experts are warning that this has not been enough to offset rising demand.
Jack Gill, the managing director of Final Duties, broke down how the cost of living crisis has impacted funerals in the UK.
He explained: “Over the past couple of years, we have watched almost everything become more and more expensive in the UK, from homes and cars, to groceries and utilities.
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The cost of living crisis is impacting the expense of having a ceremony
GETTY“Sadly, the same is true for funeral costs which are just as susceptible to wider economic forces as any other commodity or service.
“The rising cost of a funeral can, however, be offset by eliminating unnecessary spend elsewhere in the myriad of things that have to be taken care of following the death of a loved one, from disbursements to probate.”
According to the funeral expert, the probate process is “ridden with pitfalls” which could cost households time and money.
Mr Gill added: “Entrusting the process to experienced experts ensures that costs are kept to an absolute minimum, freeing up money to be spent on providing the ones you love with the goodbye they want and deserve.”
