Brits wait till 51 to start planning their funeral
The average age Brits start to consider their own funeral is 51-years-old according to new research released today by the Funeral Planning Authority (FPA).
The death of a parent is the biggest prompt for those over 40 to consider their funeral arrangements, closely followed by their own ageing and wanting to be prepared.
The FPA surveyed adults aged over 40 to understand more about the point at which funeral planning becomes front of mind.
Despite action being prompted by an emotional trigger such as the death of a parent, partner or friend, almost two thirds (62 percent) of those aged over 40 view making their own funeral arrangements as a practical necessity, rather than an emotive situation.
When it comes to the level of preparedness for their funeral 57 percent of over 40s haven’t given it any thought and only seven percent consider themselves to be extremely prepared having made detailed arrangements including how costs would be covered.
Encouragingly seven in 10 (70 percent) have put some thought towards how they would cover the costs of their funeral having bought a funeral plan (13 percent), life insurance policy (18 percent) or put some savings aside (39 percent) – this forethought reduces the financial burden on family and friends, which can often be unexpected or higher than anticipated.
Graeme McAusland, CEO of the FPA comments, “We’re encouraged that so many of those over 40 aren’t shying away from making arrangements for their own funeral – including the financial implications. Whilst it can be prompted by a sad occasion and feel like a foreboding task it does ensure that people’s wishes are carried out and financially prepared for.
“As the regulatory body for the prepaid funeral planning industry our aims are to raise the standards of provider behaviour in line with our Rules and Code of Conduct, protect consumers by ensuring the industry is focused on their needs and interests. Not all providers are FPA registered so it is important that consumers know about the FPA and understand why they should buy a plan from a registered provider.”
