The latest research by Final Duties, the UK’s most experienced probate brokers, reveals that 43% of over-50s can’t afford to die, after the average cost of a funeral hits £4,141 in 2023, having increased by almost £1,000 in the past decade.
Final Duties analysed the estimated average cost of a funeral in the UK and how it has changed over the last decade, before surveying 1,000 over-50s to see if they have sufficient savings to cover the cost of a funeral for themselves or a loved one.
Funeral costs climb 28% in the last decade
Analysis of the latest data shows that the current average cost of a funeral in the UK hit £4,141 in 2023. This is £188 more expensive than last year (2022), marking an annual increase of 4.8%.
It also means that this cost has increased by £916 in the last decade, a 28.4% increase on the average cost of £3,225 back in 2013.
43% of of over-50s can’t afford a funeral
In light of this, a survey of 1,068 over-50s, commissioned by Final Duties, found that many simply don’t have the savings to cover the high cost of a funeral, be it for themselves, or for that of a loved one.
When asked if they have sufficient savings to pay the average funeral cost of £4,141, 43% of over-50s said ‘no’.
To address this, almost half (48%) said that they intend to actively save money for their own funeral to avoid their loved one’s having to cover the expense.
Furthermore, given the high price of a funeral, 69% of over-50s said that they intend to have a low-cost or non-traditional funeral in order to reduce the cost.
Why are funeral costs rising?
The increasing cost of funerals will be the result of numerous factors.
First, the number of annual deaths in the UK increased by 0.7% in the past year, , which will inevitably increase demand, and therefore costs, for funeral directors and other disbursements.
There is also the fluctuating number of funeral directors to consider. 2022 saw the size of the funeral activities market shrink by -17.7%. Despite rising again by 4.1% in 2023, 2022’s drastic drop-off no doubt continues to have an impact on the sector’s ability to meet growing demand.
We should also take into account the increasing cost of wages being faced by the funeral services industry, alongside the impact of heightened interest and inflation rates. All of these factors together are pushing up the cost of dying for the people of the UK.
Jack Gill, managing director of Final Duties, said, “Over the past couple of years, we have watched almost everything become more and more expensive in the UK, from homes and cars, to groceries and utilities. Sadly, the same is true for funeral costs which are just as susceptible to wider economic forces as any other commodity or service.
The rising cost of a funeral can, however, be offset by eliminating unnecessary spend elsewhere in the myriad of things that have to be taken care of following the death of a loved one, from disbursements to probate.
The probate process can be long and ridden with pitfalls, all of which can end up costing additional time and money. Entrusting the process to experienced experts ensures that costs are kept to an absolute minimum, freeing up money to be spent on providing the ones you love with the goodbye they want and deserve.”
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