The SunLife ‘Cost of Dying’ report 2014 is out. Here are their findings:
Latest research reveals the total cost of dying in the UK has risen over 10% in the last year. The cost of dying now averages £8,427. This is seven times higher than the cost of living.
How does the cost of dying add up to £8,427?
- Funeral expenses – average cost £3,590
This covers the costs of the funeral itself – a Funeral Director’s expenses for organising and caretaking the body, the coffin, and transport of the body.
- Additional funeral costs – average £1,833
These include the additional, optional extras for a funeral – flowers, order of service, venue hire, catering, notices, music and any memorial.
- Administration of the Estate – average cost £3,004
4 out of 6 people use professionals to settle their Estate. This is more likely to apply if you own property, have savings, a pension or other assets.
Regional differences of the cost of dying
The Cost of Dying Report 2014 shows costs vary dramatically across the country. In London the average funeral costs over £4,800 – a third higher than the national average. In the North West England it’s just over £3,000 – 16% lower than the national average. Because of differences in land values, the cost of a burial can vary significantly.
Cutting the cost of dying
Many people are tightening their belt and spending less on funerals. Good! The cost of ‘extras’ has fallen by £173 on 2013.
Maybe Final Fling’s Notices & Tributes page can help keep this number tumbling… people can spend less on newspaper announcements and condolences and post messages straight on our site instead.
The rise of funeral poverty
As we’ve reported recently, the cost of dying is increasing the level of funeral poverty in the UK. Out of almost 600,000 deaths a year, over 80,000 will be short of money, maybe running up debts for over £2,000.
Final Fling encourages you to plan ahead – keep it simple. If you’re happy with a cardboard coffin, please record this in your Final Fling Funeral Wishes (it’s a free account) otherwise when it comes to decision-time, people might not agree on this. Set aside a bit of money for a funeral tea. Think about buying a flexible funeral plan for best value. See SunLife’s funeral calculator to get a sense of costs.
You can read more of the findings from SunLife’s Cost of Dying report 2014 here.