Brits First Consider Planning Their Own Funeral At 51-Years-Old
Today we’ve released some new consumer research which aims to raise awareness of the FPA and help educate consumers about how our Rules and Code of Conduct helps them. The research looks at what prompts consumers to start thinking about and planning their own funeral and why.
Our research was conducted amongst 1000 consumers aged 40 and over, and has shown us that Brits first consider planning their own funeral at an average age of 51-years-old. The death of a parent is the biggest prompt for those over 40 to consider their funeral arrangements, closely followed by their own ageing and wanting to be prepared.
Despite their action being prompted by an emotional trigger such as the death of a parent, partner, or friend, almost two thirds (62%) of those aged over 40 view making their own funeral arrangements as a practical necessity, rather than an emotive situation.
With 15% of Brits admitting that their research when choosing a financial product isn’t very thorough or that they don’t do any research at all, the checks completed by the FPA on funds invested, funeral arrangements made and provider behaviour is key to ensuring consumers purchase a high quality plan.
Graeme McAusland, CEO of the FPA comments, “We’re encouraged that so many of those over 40 aren’t shying away from making arrangements for their own funeral – including the financial implications. Whilst it can be prompted by a sad occasion and feel like a foreboding task it does ensure that people’s wishes are carried out and financially prepared for.
“As the regulatory body for the prepaid funeral planning industry our aims are to raise the standards of provider behaviour in line with our Rules and Code of Conduct, protect consumers by ensuring the industry is focused on their needs and interests. Not all providers are FPA registered so it is important that consumers know about the FPA and understand why they should buy a plan from a registered provider.”