Recent statistics show that the cost of living has increased by just about 4.5% last month but that is not a high figure when compared to the rise in the cost of dying. Over a seven year period, funerals have become 60% more expensive according to figures released by Sun Life Direct.
This year’s statistics, the fifth annual report, it was stated that almost half of consumers had made no arrangements for funding their own funerals. The ‘assume’ their family and friends will cover costs upon their deaths. Unfortunately, the cost of dying doesn’t only cover funeral arrangements as there are a number of other costs associated with dying as well.
In addition to the funeral costs there are probate fees to factor into the cost of dying as well as any headstones or graveside ornaments and even flowers which can add up quickly. Within the past year alone, total funeral costs have risen by £400 but even more staggering is the fact that the average funeral now costs an equivalent to three months wages. Bear in mind that is for the funeral alone, not counting the upkeep of the burial plot over time.
Sun Life Direct’s head of life planning believes that many people avoid end of life planning because it is a sensitive subject in our society. He feels we need a wakeup call in order to avoid leaving our final arrangements in the hands of loved ones, or worst case scenario, the state.
According to Sun Life’s figures, the average funeral cost is now risen to approximately £7,248 and it is further estimated that more than one out of every five UK consumers are struggling with those high costs. The cost of living is going up, but it seems as if it is even more expensive to die.
