The number of deaths and funeral costs are expected to soar as the first of the baby boomer generation reach the end of their lives.
Baby boomers were responsible for a rise in births after the Second World War and the 1960s, and the oldest of that generation are now starting to enter their late 60s.
The change in demographics is likely to reverse the declining number of deaths in recent years and increase mortality rates by up to a fifth, according to the latest research.
The worry is that many families have underestimated the cost of funerals and have not planned for the sudden expenditure.
Time bomb
The report “The Funeral Time Bomb” by the International Longevity Centre (ILC) reveals:
- Funeral costs have surged by 80% over the past decade
- The bill for a simple funeral could reach £5,226 by 2020, and up to £7,000 for more lavish affairs
- Funeral firms will take a share of a £3.7 billion a year market by 2020
The ILC also predicts thousands of families will lack the cash for paying for a sudden death.
“Families need to talk about what is often a taboo subject – death,” said an ILC spokesman.
“Our research shows nearly 110,000 families went into debt to pay for funerals in 2013. The average debt was £1,305. The total funeral related debts that year hit £142 million, which is likely to rise to £250 million by 2030.”
The survey also reckons 14.5 million people would have to go into debt if a relative died suddenly unless the deceased had taken out some kind of funeral expenses insurance to help with the cost.
Financial support
Baroness Sally Greengross, ILC chief executive, said: “Around half of homes have £3,000 or more in savings, so many will find funeral costs beyond their reach even though they will face pressure to probably spend more than they can afford.
“Everyone needs to talk about the inevitable and realise the state offers little in the way of help towards the costs of a funeral.”
The average state financial support covered just over a third of the costs, according to the latest available figures released in 2012.
The costs are even higher for expats, who may want to repatriate bodies for burial or cremation.
Sending a body home by air can add thousands more to a funeral bill – but is still cheaper than a family travelling overseas to attend a ceremony.
