The cost of dying has risen sharply in recent years, and while some people have considered how their funeral will be funded, many have not. This represents a real headache for their family and friends who are left to foot the bill.
The Cost of Dying Report 2021 revealed the average cost of dying is now £9,263, with a basic funeral costing £4,184, compared to just £1,920 in 2004. The report indicates that just 65% of people have made arrangements to pay for their funeral. This might be through a saving plan, an insurance policy, or a pre-paid funeral plan which allows you to plan and pay for your funeral in advance.
However, only 66% of survey respondents had enough to fund their entire funeral, leaving family and friends to pick up the shortfall by dipping into their own savings, using credit cards, or by borrowing – whichever way, their family, could find themselves in a difficult yet avoidable financial situation, had their loved one opted for a pre-paid funeral plan.
Not only does a funeral plan give you peace of mind that everything is arranged and paid for in advance, but it also allows you to lock in the services of the Funeral Director at today’s prices, who will ultimately provide your funeral. It also eases the financial burden on your family, who won’t have to pay anything further towards the services included in your Funeral Plan.
While Government support is available to help with funeral expenses for those who have no funeral plan, not everyone is eligible. As a result, more people are turning to crowdfunding to finance funeral expenses; in fact, more people are crowdfunding funerals than ever before, with the number of funerals paid for by crowdfunding rising by a third in 2018.
Crowdfunding is nothing new – it’s a way of asking the general public to donate money to a particular cause, such as funeral expenses, a memorial to the deceased, or simply to help support the family.
Crowdfunding websites such as JustGiving, GoFundMe, or Beyond Life are making it easier to generate donations, and their widespread use and trustability means crowdfunding has become an acceptable means of asking for help to fund a loved one’s funeral.
It is a practical way for friends, family and the wider community to ease the financial strain on grieving families. Factor in the simplicity of sharing crowdfunding pages on social media, and you can reach family and friends near and far.
Setting up a crowdfunding page is relatively straightforward; it allows you to explain the reasons for crowdfunding and how donations will be used, as well as offering memories and photos and details about the funeral.
But crowdfunding can be time-consuming and taxing, both financially and emotionally and there is still a funeral to plan. Investing in a funeral plan can save family and friends time and energy by relieving them of the stress associated with having to crowdfund and organize a funeral – everything is arranged and paid for in advance – allowing them to concentrate on grieving and celebrating their loved one’s life.