‘Value of dying’ at file excessive in UK – report

29‘Value of dying’ at file excessive in UK – report

A rising variety of Britons are selecting cheaper funerals amid declining dwelling requirements

Funeral prices have risen to a file excessive within the UK, prompting practically one in 4 individuals to go for a direct cremation or burial with no send-off, in response to a report by insurance coverage agency SunLife. Nearly one in 5 individuals needed to promote their belongings to pay for his or her funeral final yr, the report discovered.

Between the price of burial or cremation, the worth of a memorial service, and bills like authorized charges, the “price of dying” hit a median of £9,658 ($12,296) within the UK final yr, the report acknowledged. This represents a rise of £458 since 2022, and is the best such determine ever recorded by SunLife.

In 2023, the common funeral itself price £4,141 – 4.7% greater than in 2022 and up from solely £1,835 in 2004. With costs rising, the report famous that increasingly more Britons are choosing cheaper funerals, primarily based on interviews with greater than 1,500 households and 100 funeral administrators.

Some 20% of households had their family members instantly cremated final yr, up from solely 3% in 2019. A direct cremation entails the deceased being taken straight to the crematorium with none non secular or different remembrance service. 4% opted for direct burials, during which the deceased is buried with out a service. 2023 was the primary yr that SunLife recorded this sort of funeral in its report.

A direct burial prices a median of £1,657, in comparison with the £5,077 price ticket hooked up to a conventional burial, the report famous.

It doesn’t matter what type of funeral somebody chooses, a rising variety of individuals are discovering it laborious to pay for their very own departure, with 45% having to depend on their households to make up a few of the prices. Since final yr, the variety of individuals promoting their belongings to cowl their funeral bills has risen from 15% to 18%, the report discovered. 

Britain is at the moment experiencing the worst fall in dwelling requirements since data started, with the Workplace of Administration and Funds warning final yr that the decline will proceed via this March. The TUC commerce union warned final week that actual wages is not going to return to their 2008 ranges till no less than 2028.

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