No one wants to think about how much their own funeral will cost, but as funeral prices are continuously rising, it also shouldn’t be something that is not thought pushed aside.
In today’s blog, the Cheapest Life Insurance looks at the Mail Online story “The rising cost of dying: Average funeral now costs £7,600 and thousands are struggling to afford a fitting send-off”
The cost of a funeral has risen by 7.1 per cent in the last year alone, a study states. This means that now the average funeral, including burial or cremation and state administration, will cost on average around £7,600!
The study comes from the University of Bath’s Institute for Policy Research and has caused the Government to review the current structure of state support for funeral costs. Shockingly, it has been estimated that over 100,000 people will struggle to pay for the rising funeral costs alone and may not be able to provide their loved ones with the send of they deserve.
The Universities Centre for Death and Society has said:
’Medical advancement has made significant improvements to death rates.
‘As a result people are living longer, which requires larger incomes and pension pots to ensure these extra years can be afforded. Whether or not these will stretch to cover funeral costs is unclear.
‘At the same time, the younger generations have less ready cash to call on, so they cannot necessarily be relied on to pick up the bill either.
‘We know that the long-term decline in death rates is about to reverse, with a projected rise in the number of deaths around 15 to 20 per cent in the next two decades.
‘We also know that right now, with some of the lowest death rates ever recorded, the safety nets provided by the state via the Social Fund Funeral Payment and local authority public health funerals are under pressure. Their sustainability into the future is debatable.’
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