The death of a loved one is one of the most difficult things any of us will ever have to face.

Not only are you dealing with the emotional trauma of losing someone special, but there is also the inevitable pressures and expense of arranging a funeral service.

Did you know that the average cost of a basic UK funeral has increased 122% since 2004? What’s more, these costs are forecast to continue rising rapidly.

Organising a funeral is always going to be very challenging but with spiralling costs and 1 in 3 admitting they have less than £1,500 in the bank, funerals are not only emotionally draining but are also becoming more and more unaffordable.

With this in mind, award-winning life insurance broker, Reassured, have researched the latest data available on UK funeral costs and the average disposable income across the UK, to rank locations by the cheapest and most expensive places to be buried or cremated.

Here is what they found…

Funeral costs take the longest time to cover in Southend-On-Sea, at an estimated 665 days.

Hastings (630 days), Coleford (560 days), Bodmin (535 days) and Camborne (529 days) complete the most expensive areas in the research.

Cornwall is the most common county requiring the highest number of days to cover funeral costs; Bodmin (535 days), Camborne, (529 days) and Truro (526 days) are in positions four, five and six respectively.

Coastal towns Southend-on-Sea (1st) and Hastings (2nd) are also among the most expensive places to cover funeral costs. It was recently revealed coastal areas earn, on average, £1,600 less per year than inland workers, which is perhaps why it takes these areas longer to save for funeral costs.

The government has even put in place a Coastal Communities Fund, investing over £200 million to improve the economy and appeal of coastal towns as places to live and work.

Mile End in East London is the cheapest place to be buried or cremated with residents, taking an estimated 117 potential days to cover its average £9,512 funeral cost, based on a weekly disposable income of £567.

In fact, London boroughs dominate the cheapest areas, with Southwark (153 days), and Islington (163 days) in 2nd and 3rd places respectively. Rugby (183 days), Derby (183) and Cambridge (186 days) complete the cheapest five.

While the capital regularly ranks as the most expensive place to live in the UK, it’s interesting London boroughs need the least amount of time to cover funeral costs.

This is because, despite higher rent and house prices, London wages are typically higher than the rest of the UK, so individuals still end up with more expendable income than other regions.

But what does this mean for the good people of Kent?

From the above data we can see we have no entries in either the top 10 most expensive or cheapest locations.

Maidstone is our cheapest location to be buried or cremated with residents, taking an estimated 314 days to cover its average £8,264 funeral cost, based on a weekly disposable income of £185.

In contrast, Folkestone is listed as our most expensive location for a funeral. The average cost being £8,458, with an average weekly disposable income of £131, meaning it would take 451 days to cover the cost, (30% more than Maidstone).

Phil Jeynes, Director of Corporate Sales, at Reassured, commented on the findings:

“It’s interesting to see London boroughs are predominantly the best when it comes to covering funeral costs more quickly, as the city is often associated with being expensive and unaffordable. However, it’s alarming to think so many people struggle to provide a proper send-off for their loved ones.

“If you’re worried about covering the cost of a funeral, it’s important to have financial protection in place. Consider options like life insurance or a prepaid funeral plan, which allow you to cover the cost of your funeral at today’s rate, avoiding future rising costs.”

To see the full data set, including a breakdown by each location, visit Reassured’s dedicated ‘Dead Expensive’ webpage here.

Sources:
https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/cost-of-dying-report-2018.pdf

https://www.bbc.co.uk/news/uk-england-49890749

https://www.bbc.co.uk/news/business-43729508

https://www.finder.com/uk/saving-statistics

https://www.gov.uk/government/collections/coastal-communities

https://www.which.co.uk/news/2019/10/revealed-britains-most-expensive-streets-to-buy-a-property/

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