The Age of 50
The Funeral Planning Authority have 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.
The Prepaid Funeral Review interprets the research as indicating that people think they are immortal until they tip over into their 51st year. Our experience is that a considerable number of younger people are planning ahead too, though the main beneficiaries of our Independent Advice are the Over 50s. We applaud the FPAs efforts – within limits as described at the foot.
The FPAs 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. (Ed: contact the Prepaid Funeral Review Team!)
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.”
Stephen Pett at the Prepaid Funeral Review said “We are greatly encouraged with the work that the Funeral Planning Authority are doing, but they only started being a proper Regulator very recently, so it is too early to give those who were already members too much extra credibility. The process of joining the FPA is, we understand, slow and expensive, so it may well be that smaller providers will never be able to join when it is hard work for large wealthy companies. What we don’t want the FPA to do is stifle competition and innovation, which seems to be a tendency amongst Regulators.”