Almost half of over-50s ‘can’t afford to die’, Final Duties finds
Some 69% of over-50s said that they intend to have a low-cost or non-traditional funeral in order to reduce the cost
Some 43% of over-50s can’t afford to die, the latest research by Final Duties has reported, after the average cost of a funeral hit £4,141 in 2023.
The current average cost of a funeral in the UK is £188 more expensive than in 2022, spelling an annual rise of 4.8%. Funeral costs have also risen by £916 in the last decade, which is a 28.4% jump on the average cost of £3,225 recorded in 2013.
In light of this, the survey of 1,068 people in their 50s found that many simply don’t have the savings to cover the high cost of a funeral, be it for themselves, or for that of a loved one.
When asked if they have sufficient savings to pay the average funeral cost of £4,141, 43% of over-50s said ‘no’. To address this, 48% said that they intend to actively save money for their own funeral to avoid their loved one’s having to cover the expense.
Given the high price of a funeral, 69% of over-50s said that they intend to have a low-cost or non-traditional funeral in order to reduce the cost.
Jack Gill, MD of Final Duties, said: “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. 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. The probate process can be long and ridden with pitfalls, all of which can end up costing additional time and money.”
