"Losing a loved one is an undeniably difficult experience that we all go through at some point in our lives."
- Charlotte O’Brien, Head of Employee Benefits at MetLife UK
Of those surveyed (2,003), less than half (46%) had felt prepared when organising funeral and memorial arrangements for their loved ones, whilst over a fifth (21%) said it had added stress at a difficult time.
Worryingly, 18% said that funeral planning had caused arguments with family and friends, and 14% admitted that it had impacted their work life.
Despite this experience, only 17% confirmed that they’ve written down and shared their own funeral wishes. 47% hadn’t heard of funeral planning or funeral concierge services, despite 51% saying they would utilise these services.
21% hadn’t been aware of which financial policies and accounts their loved ones had in place (for example, bank accounts, debts, insurance policies), and 22% didn’t know their loved one’s financial login details/passwords.
Furthermore, 19% had been unsure if there was a will, and 18% didn’t know where to contact their loved one’s financial or insurance adviser.
Charlotte O’Brien, Head of Employee Benefits at MetLife UK, highlighted that “Losing a loved one is an undeniably difficult experience that we all go through at some point in our lives, and we know that over half of adults in the UK feel ill-prepared for what is required of them during this time.”
She said: “The situation is often exacerbated by a lack of communication around the wishes of the deceased and the practicalities of planning a funeral. This time-consuming and emotional process can not only strain relationships but also impact people’s ability to work.
“Employers have the opportunity to provide support to employees by incorporating these services into their employee benefits packages,” Charlotte concluded.
This research follows the Financial Conduct Authority’s (FCA) recent decision to probe banks on bereavement and power of attorney policies. The regulator believes banks and building societies can improve how they treat customers affected by bereavement.
