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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Statistics for Funeral Planning in UK Grave

Personal_Finance / Pensions & Retirement May 26, 2016 - 05:07 PM GMT

By: ....

Personal_Finance

Recent research has revealed that a shocking 45% of Britons have made no provisions for the event of their death, and that one in ten of the survey respondents foresee that their friends and family will have to foot the bill when they pass away. British Seniors Insurance Agency, an insurance company specialising in British Seniors, conducted this research via Opinium Research earlier this year.

This research uncovers the grave truth about funerals, memorial services and deaths - often loved ones are expected to take on the financial burden. With costs of funerals rising to an estimated £5,469 in some areas of the UK, this can cause substantial emotional stress. The research results suggested that, of the respondents surveyed who had managed the affairs of their loved ones, 58% admitted that it had a direct effect on their emotional health. This statistic was even higher among those respondents in the age bracket of 18-34 years old.


The immense financial strain it places on these loved ones is somewhat justified by the fact that 19% admitted to having to take time off work, 44% took out a credit card loan to pay for funeral costs and 27% of respondents resorted to a payday loan. This is all because less than a third of Britons have organised appropriate funds for the event of their death.

The Managing Director of Neilson Financial Services, who British Seniors Insurance Agency is affiliated with, Dave Sutherland, stated the following:

“Our research reveals the worrying scale of just how many UK adults are failing to get their financial affairs in order and put provisions in place for their death. At what is already a difficult time, many people are finding that their grief is greatly exacerbated by the fact that they have to cover the costs associated with a death. We want to encourage people to make sure that they have some form of over 50’s life insurance or cover in place to provide peace of mind that when the inevitable happens they’ve got it covered for their loved ones.’’  

Preparing for the event of one’s death is an inevitably crucial task that may not seem very urgent, but will save friends and family from the added emotional and financial strain that death often causes.









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