Research reveals more than 1 in 5 adults borrow money to cover funeral costs
21st February 2022
1 min read
Our latest Cost of Dying Report, the industry’s longest-running study into funeral prices, has revealed almost 40% of people are not putting aside enough money to pay for their funeral – and over 20% are having to borrow to cover the shortfall.
Even though 2021 saw the first drop in funeral costs on record, families who had not set aside funeral provisions needed to find an average of £1,800 to cover costs.
Of these families, over half had to borrow money. 27% borrowed from friends and relatives, 22% used credit cards, and 10% took out a personal loan.
A quarter of respondents claimed that the overall cost of the funeral was more than they expected it to be, which could go some way towards explaining why so many struggle to afford it when the time comes.
Mark Screeton, SunLife’s CEO, says:
“It’s important to remember that there are still ways to manage the costs of a funeral, and it’s encouraging to see that so many are taking steps to do this. As difficult as it may seem, encouraging conversations and planning for funerals with family members ahead of time will save even more grief and stress further down the line.”
To find our more and read the full report, visit sunlife.co.uk/funeral-costs
For any further information please contact firstname.lastname@example.org