Soaring funeral costs have left thousands of low-income families in the dire situation of being ‘too poor to die’, according to research.
Research by SunLife Direct reveals that ‘funeral poverty’ rocketed by a shocking 125% in the first four years since 2010, with the average cost of dying up 10.6% to £8,427 from 2013-14 – seven times the rate of inflation. This includes death related costs such as probate, headstones and flowers and the basic cost of a funeral.
Actual funeral costs – which account for less than half of the total cost of dying – have also risen by 3.9% since 2013 and a staggering 87% since 2004. The cost of a funeral now stands at an average £3,590.
SunLife warns that the situation will only continue to deteriorate over the coming years. Their research suggests that funeral costs will continue to rise, reaching an estimated average of £4,489 by 2019.
A 39% rise in estate administration costs has contributed heavily to the total cost of dying. Hiring a professional, which may include a solicitor and other experts, to manage the affairs of a deceased relative now accounts for more than a third of the total cost.