High funeral costs finally put under the spotlight

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Commenting on the Competition and Markets Authority’s (CMA) findings following its market study into the funeral sector, Louise Eaton-Terry, funeral cost expert at Royal London, said:

“A full market investigation to probe the high cost of funerals is long overdue and a welcome step by the CMA. Our research shows bereaved families are being pushed into debt to give their loved ones a good send off, so it is right that the factors driving funeral cost inflation are put under the spotlight and we now want the CMA to move forward with this quickly.”

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Background

The Royal London National Funeral Cost Index 2018 found:

  • A basic funeral costs £3,575 on average which is a 6% increase over the last five years
  • Funeral debt in the UK is at £131 million
  • Individual debt is at an all-time high with people taking on an average debt of £1,744 to pay for a funeral, which is a 34% increase in the last five years (£1,305 in 2014)

For further information please contact:

Meera Khanna, Consumer PR Manager

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.