One in three Brits set money aside for their own funeral - an average of £3,900

21 December 2023 , 12:46

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Brits typically start thinking about their own funeral once they reach their fifties (Image: SWNS)

One in three Brits already have money set aside for their own funeral, research has found – an average of £3,900 each.

A poll of 2,000 adults found that over a third (34%) reckon planning a funeral would be easy to do – although 29% admit they have no idea how much the send-offs normally cost.

And while a fifth of those polled have life insurance, 34% have not yet put anything aside for their own funeral plans – with 26% of those feeling they are still too young to worry about this.

However, the study, commissioned by British Seniors, found that 51 years old is typically the age where adults start considering their own send-off. Some of the top reasons for this include the general ageing process, a health scare, or the loss of a loved one.

Four in five said they began pondering their own longevity once they started to regularly attend other people's funerals. And 38% feel that once you look ahead, you start to consider the meaning of life – and death itself, as well.

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However, 24% have no intention of thinking ahead as far down the line as their own send-off.

But over half do not yet have a will - with nearly a quarter of these considering themselves 'too young' (Peter Dazeley/Getty Images)

A spokesman from British Seniors, which recently released their Funeral Cost Report, said: “The research has revealed an interesting take on when you start to think about death. We thought it was interesting to see it wasn’t until the early 50s, on average, that many would start to consider their own funeral.

“It’s something that, in our younger years, you don’t give a second thought – but clearly, once you reach a certain age, it becomes a realistic prospect, and one that does require some planning.”

It also emerged 54% of respondents did not have a will, with 53% of those simply saying they “haven’t got round to it” yet. But 23% didn’t think they were old enough to have one, according to the OnePoll data.

And three in 10 imagined that organising a funeral would be hard work – with 29% of those, who have not yet started saving for their own send-off, saying they can't afford to do so.

Meanwhile, if respondents were to suffer a family bereavement now, 27% didn’t think they could afford the associated costs, with a further 23% unsure whether they had enough in the bank. The study also found that one in six feel anxious as to how they’d afford a funeral for a relative, amid the ongoing cost-of-living crisis.

The spokesman from British Seniors added: “It’s something that’s often considered sad and sombre, with many preferring not to think about it at all.

“However, life insurance can provide peace of mind, knowing that when the day eventually does come, it won’t be landing on those closest to them to pay for something quite costly. By getting some cover sorted, you can focus on living life to the fullest with peace of mind.”

Sarah Lumley