The average cost of dying has risen to £7,248, according to a survey which warns that many bereaved families will struggle to cover all the expenses.
The analysis of death-related costs from insurance company Sun Life Direct, which include funerals, probate costs and memorials such as headstones, shows that next of kin and other key relatives are often ill-prepared to cover the final bills.
More than a quarter (26%) of participants in the survey admitted they had made no plans for the practicalities of later life, while 87% had made no arrangements regarding where they will live and how they will be cared for if they are unable to look after themselves in old age.
The research shows that in the UK today, end-of-life costs have increased to an average of £7,248 – a rise of 20% since 2007 and more than £400 since 2010.
Specifically, funeral costs have increased by 61% over the past seven years, which Sun Life Direct believes will continue for the foreseeable future. The report also reveals that this increase in costs has been met with surprise and concern from those who have responsibility for such arrangements.
Simon Cox, head of life planning at Sun Life Direct, said: "Many people are sleepwalking into a financial nightmare, leaving end-of-life plans to their families, the state or no one at all.
"As a nation we need a wake-up call. Our research indicates that although there is indeed openness to talking about death, action is still greatly lacking. Steps need to be taken to avert the sort of distress and concern experienced by the nearly one-in-five (100,000) people who struggle with funeral costs."
The analysis of death-related costs from insurance company Sun Life Direct, which include funerals, probate costs and memorials such as headstones, shows that next of kin and other key relatives are often ill-prepared to cover the final bills.
More than a quarter (26%) of participants in the survey admitted they had made no plans for the practicalities of later life, while 87% had made no arrangements regarding where they will live and how they will be cared for if they are unable to look after themselves in old age.
The research shows that in the UK today, end-of-life costs have increased to an average of £7,248 – a rise of 20% since 2007 and more than £400 since 2010.
Specifically, funeral costs have increased by 61% over the past seven years, which Sun Life Direct believes will continue for the foreseeable future. The report also reveals that this increase in costs has been met with surprise and concern from those who have responsibility for such arrangements.
Simon Cox, head of life planning at Sun Life Direct, said: "Many people are sleepwalking into a financial nightmare, leaving end-of-life plans to their families, the state or no one at all.
"As a nation we need a wake-up call. Our research indicates that although there is indeed openness to talking about death, action is still greatly lacking. Steps need to be taken to avert the sort of distress and concern experienced by the nearly one-in-five (100,000) people who struggle with funeral costs."
Comment