Funeral debt rises as funeral costs continue to soar
Funeral debt rises as the average cost of a funeral in the UK continues to increase.
According to SunLife Insurance, the cost of funerals has risen every year for the last 14 years, equating to a 122% increase since 2004.
In 2019, the average cost of a funeral in the UK stands at £4,271, and this figure is expected to keep on rising to reach almost £5,000 by 2022.
The price of a funeral also varies depending on the region you live in, with funerals in London generally costing far more than a funeral in Wales.
What is causing the rise in funeral costs?
Some of the key causes of the rising cost of funerals include:
- Cuts in local authority funding.
- Rise in energy prices.
- Rise in funeral director fees
Funeral poverty
Over the last ten years, funeral costs have risen by 70%,whilst wages have risen by just 20%. With funeral costs rising much faster than wages, many families now cannot afford to pay for their loved one’s funeral.
According to Fair Funerals Campaign, funeral poverty, that’s the inability to pay for a funeral, has risen by 50% in the last three years.
In 2017, Royal London Mutual Insurance found that funeral poverty was had reached £160 million, with those struggling to pay for a funeral taking on an average of £1,680 in debt.
The effect of funeral debt on funeral directors
Funeral directors are now facing increasing amounts of unpaid debt, which can leave their business in financial difficulty.
Whilst funeral debt can be a sensitive topic, funeral directors that have provided a service still deserve to be paid.
Here at Churchill Recovery we work sensitively with the bereaved to find a manageable way for them to pay off their funeral debts.
For more information about ourfuneral expenses debt collection service, give our team a call on 0333 320 0748 and we’ll be happy to help.