Our Credit Union Funeral Savings Plan can take the worry out of paying for a funeral for you and your loved ones.
Funeral costs make up a large part of our lending business, so we have set up a specific savings account to help our members prepare for such costs. The Credit Union Funeral Savings Plan is a way to avoid financial distress at a time of emotional crisis.
Research shows that the average cost of a basic funeral in the UK is over £4,000 and, in London, this rises to over £5,300 – far more than many families can easily afford. In fact, when additional expenses, such as professional fees and a wake are taken into account, the ‘cost of dying’ in 2021 was estimated to be almost £9,000.
Whichever way you look at it, funeral costs are a huge burden on families at a difficult time, when it is often hard for people to think clearly, and the money side of things can become very stressful.
By planning ahead and opening one of our Funeral Savings Plans, it is possible to take some of the worry out of the financial aspects of a funeral, which can be a huge relief for loved ones. Putting away just a small amount each month could help to make a real difference.
Credit Union Chief Executive Martin Groombridge said: “For many of us, planning ahead for our funeral is not something we want to think about, but it can be a real shock to families when they are faced with unexpected funeral bills. So many people come to us, sometimes in distress, when they are faced with funeral costs they never thought they would have to deal with, and which are often far higher than they would ever have imagined.
“Of course, for those families who have no provision for funeral costs, it is vital not to turn to loan sharks, high interest lenders or expensive credit card bills and bank overdrafts. Please talk to us about one of our low cost loans instead.”
To find out more about our Credit Union Funeral Savings Plan, or to arrange a low cost loan to help cover the cost of funeral expenses, please do contact us.
