60% of UK adults worry about rising funeral expenses, study finds

Some 60% of UK adults have some worries about covering the costs of a loved one’s funeral, according to a survey by Go Compare Life Insurance. 

The survey revealed that fears of funeral expenses have been aggravated by the cost of living crisis, with 27% stating that this has made them more concerned about paying for these fees.  

Go Compare undertook the survey, following news that the cost of dying has risen by 5% to £9,658 in 2023, with the average funeral price in the UK now sitting at around £4,141. 

According to survey findings, just 40% were able to state that they have no concerns about covering funeral expenses. 

Young people are among those most affected. According to the data, 32% of respondents aged 18 to 24 said their worries have increased because of the cost of living crisis. 

While that is the highest of any age group, concerns have increased across most ages, including those aged 40 to 54 (29%) and those over 54 (27%), with many feeling their fears have been exacerbated by the current economic climate. 

Those who portrayed the least anxiety were respondents aged 25 to 39, with just 24% saying the crisis has made them more worried.

Despite this, the study shows that most people aren’t actively saving for funeral expenses, whether for themselves or a loved one. Just 13% say they are taking steps to save for these future fees.

However, some were less worried about the impact of the current crisis, as 34% responded that it had not changed their level of concern.