Sadly, a lot of families have had to turn to the Credit Union for help with funeral costs over the last year, but we take some small consolation in the fact that our funeral savings accounts have been able to help many, with low cost loans available to those who had not saved.
Funeral costs make up a large part of our lending business, so we have set up a specific funeral savings account to help our members to prepare for such costs. The Credit Union Funeral Savings Account is a way of helping to avoid financial distress at a time of emotional crisis.
Research shows that a funeral using a funeral director can cost over £4,000 on average and, in London, the cost of a funeral is almost double the national average. This a huge amount of money for a family to find. Of course, the costs can vary a lot, depending on the exact funeral arrangements but, at an emotional time, it is sometimes hard for people to think clearly, and the money side of things can become very stressful.
That is where our Credit Union Funeral Savings Account can help, by taking the worry out of paying for a funeral for you and your loved ones.
Credit Union Director Kerry Hallett said: “For many of us, planning ahead for our funeral is not something we want to think about, but the past year has brought home to us at the Credit Union just how challenging it can be for family members when they are faced with unexpected funeral bills. These are often costs that people never thought they would have to deal with, and they can be much higher than they ever imagined.
“By planning ahead and opening one of our Funeral Savings Accounts, we believe it is possible to take some of the worry out of the financial side of arranging a funeral, which can be a huge relief for our loved ones. Putting away just a small amount each month could help to make a real difference.”
To find out more about our Credit Union funeral savings plan, or if you need to talk to us about a low cost loan to help cover the cost of funeral expenses, please do contact us.