Avoid the trap of funeral debt by planning ahead
ON average, we first think about our deaths at the age of 26. It’s generally prompted by someone we know dying or reports in the media of tragedies or celebrities passing.
In fact, more than one person in three thinks about their death at least once a week.
But while we think about it, we are far, far less comfortable talking about it and even less likely to plan for it.
“Despite many of us thinking about mortality regularly, what’s clear is that while grief and bereavement are hugely commonplace, to talk about it ‘proactively’ is a rarity, leaving many unprepared or bewildered when it comes to planning for the inevitable,” said Robert MacLachlan, managing director of Co-op Funeralcare and Life Planning.
The Co-Op has just conducted one of the largest research programmes ever into our attitudes to dying and bereavement – and the results are shocking.
In fact, this unwillingness to take action or even talk has contributed to an astonishing four million adults facing financial hardship as a result of a death.
“We see increasingly that a failure to properly deal with death has a knock-on impact for the bereaved, affecting mental health and also triggering financial hardship,” MacLachlan added.
Some 18 million people are uncomfortable talking about death, the Co-Op found.
Worse than that, though, an astonishing 81% of people have not yet saved anything towards a funeral.
Almost as many (73%) haven’t made a will, while 94% haven’t nominated a lasting power of attorney and 95% don’t have a funeral plan.
And it’s not as if people are unaware of the bills – with people thinking a funeral costs £3,750 on average – remarkably close to the £3,784 calculated by the Royal London National Funeral Cost Index.
But this lack of action means people are not prepared – one person in four now faces funeral poverty following a bereavement and has had to borrow from family and friends to cover the cost.
Funeral debt has rocketed to a record high of £160 million as families try to meet the expense of giving loved ones a decent last journey, Royal London found.
The first step to preventing financial problems being piled on top of the stress of losing someone you love is to talk – and talk early.
Even if it’s unpleasant, having an honest conversation with your loved ones before there is a problem could spare them – and you – extra problems later.
And keep talking about it – it really does make a difference.
“The fear of talking about death, both their own, and of those they love, means that people are not receiving the support they most need at the time, and following their bereavement,” said Julia Samuel, author of the bestselling book Grief Works.
“This support is the predictor of their outcome, for good or ill. When someone dies it is the love and support of others that enables us to heal and find a way of living again.”
To help start the conversation Co-Op looked at the most and least helpful things people were asked following a bereavement.