More than a third of over 50s have made no financial arrangements for the cost of their own funeral service
No financial arrangements
A survey commissioned by Ecclesiastical Planning Services & The Dorset Funeral Plan has revealed that 37 per cent of people aged above 50 have not made any form of financial arrangements for the cost of their own funeral service. The same study also found that for those left to organise a funeral on behalf of a loved one, finding money to pay for it was one of the biggest concerns.
The research, conducted by OnePoll on behalf of Ecclesiastical Planning Services & The Dorset Funeral Plan, asked 1,000 people aged 50 and above, who did not already have a funeral plan in place, what financial arrangements they had made for the inevitable cost of their own funeral. Nearly half (46 per cent) claimed to have made personal savings or investments to cover the cost of their funeral service. But more than one third of respondents (37 per cent), who had already professed to not having an existing funeral plan, confirmed that they had made no financial arrangements at all.
Results varied significantly across age groups; 56 per cent of respondents aged 66 and over revealed that they had personal finance in place to cover their funeral costs. This figure sinks to just 39 per cent of respondents aged 50-55. The survey also highlighted that women are more likely to leave financial planning until later in life, with 40 per cent of female respondents having made no arrangements, compared to 32 per cent of male respondents.
The same study asked respondents about the concerns they might have if they were left to organise a funeral on behalf of a loved one. More than a third of respondents said that meeting the cost of a funeral service, which in most cases is more than £4,000, would be a major concern. Pre-paid funeral plans provide an effective way to make financial provision for the cost of a funeral in advance and protect those who are left behind from footing the bill.
Emma Simpson, Marketing Manager for Ecclesiastical Planning Services, said: “It is alarming to learn that such a high proportion of those in later life have made no financial provision for the cost of their own funeral service. The financial benefits of making funeral arrangements in advance are well-documented. This could potentially alleviate great financial strain and difficult decisions from loved ones when the time comes.”
The The Dorset Funeral Plan is owned and administered by Douch Family Funeral Directors through Ecclesiastical Planning Services To talk to someone in person about putting your financial arrangements in place with a funeral plan, contact your nearest Douch Family Funeral Directors branch