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The young people who鈥檝e started paying for their own funerals

5 June 2019

For many, the idea of having to plan their own funeral is a morbid thought. But an increasing number of young people – as young as their 30s – have decided to start paying for their own funerals.

Funeral Director Sarah Maclean spoke to Clever About Cash about the ways in which people are choosing to spread the cost of paying for their own funeral and therefore reduce the financial burden on their loved ones.

When should I start saving for my funeral?

People as young as their 30s are using payment plans to pay for their funerals.

The average spend on a funeral in the Inverness area, where Sarah works, is around £4,500.

She explained that the different approaches people take to funerals will have an impact on the costs involved.

“People who are looking to have a simple cremation are going to be spending a lot less. Other people might have more elaborate wishes so they might want to spend a bit more.”

Prepaid funeral plan

Sarah described one of the most popular approaches people are taking to pay for their funerals.

“A prepaid plan is a way to list your wishes, but also to pay for those wishes in advance.”

These prepaid plans mean that Sarah has seen a rise in people in their 30s and 40s opting for this approach instead of life insurance.

“It doesn’t work like one of these insurance policies whereby you’re paying with no end in sight. It means that you can actually secure services rather than just being promised a monetary amount at the end of it.”

Sarah said that the most common story for the spike in younger people adopting prepaid plans is to pay for the funeral of a parent.

“As people become aware that they are going to be responsible for paying for someone else’s funeral, they come to us for advice.”