What is the average cost of a funeral?
As funeral prices vary massively around the UK, your average funeral cost will depend on where you live and of course any additional funeral expenses you wish to include like cars, flowers and the reception or wake.
Also your choice of either a cremation or burial will affect your funeral costs as cremation prices tend to be cheaper; which probably explains why around 80% of people now choose cremation as their preferred option.
In fact burial fees are typically around £1,000 more than cremation prices, with an average of £4,561 for burial compared to £3,596 for cremation.
When you look at average funeral cost by specific area, the differences can be quite dramatic. For example the average funeral cost for burial in London is £7,311 with cremation prices of £4,591 – London being as you might expect the most expensive place to die. In Wales however when it comes down to funeral costs, cremation currently stands at £3,049 with burial at £3,874.
How much will a funeral cost in the future?
As mentioned, funeral prices have been increasing consistently year on year with no real sign of slowing down, which is why it is important to plan for the future.
The funeral calculator is designed to help you understand what funeral prices could be in years to come, so you can make a decision on which funeral planning option is right for you – be it a funeral plan, over 50 life insurance plan, an ISA or savings.
If you are relying on your savings to help with funeral expenses, then you will need to make arrangements that take into account funeral inflation, as the current low interest rate on savings accounts means that unless the funeral inflation rate drops, your savings may not cover the funeral expenses when the time comes, so someone may need to pay the difference.
Of course none of us have a crystal ball, so gauging how long you are going to live is complete guess work however when using the funeral calculator, it may help you to know that according to the Office for National Statistics, the average life expectancy in England & Wales is 82 for a male and 85 for a female.