Southend-on-Sea has been named the most expensive area for funeral costs, a study has found.
Life insurance comparison site, Reassured, analysed the latest data available on UK funeral costs and the average disposable income of UK towns/cities, to rank locations by the cheapest and most expensive areas to be buried or cremated.
The study found that funeral costs take the longest time to cover in Southend-On-Sea, Essex, at an estimated 665 days. Hastings was ranked number two with 630 days, Coleford followed with 560 days, Bodmin sat at number four with 535 days and Camborne rounded out the top five with 529 days needed.
Cornwall is the most common county requiring the highest number of days to cover funeral costs. Bodmin, Camborne, and Truro which on average takes 526 days to save for a funeral.
Coastal towns Southend-on-Sea (1st) and Hastings (2nd) are also among the most expensive places to cover funeral costs. It was recently revealed coastal areas earn, on average, £1,600 less per year than inland workers, which is perhaps why it takes these areas longer to save for funeral costs.
Mile End in East London was named the “cheapest place” to be buried or cremated with residents, taking an estimated 117 potential days to cover its average £9,512 funeral cost, based on a weekly disposable income of £567.
London boroughs dominate the cheapest areas, with Southwark in second place with 153 days on average, and Islington ranked third with 163 days on average.
Rugby (183 days), Derby (183) and Cambridge (186 days) complete the cheapest five areas in the UK for funeral costs.
Commenting on the study, Phil Jeynes, director of corporate sales at Reassured, said: “It’s interesting to see London boroughs are predominantly the best when it comes to covering funeral costs more quickly, as the city is often associated with being expensive and unaffordable.
“However, it’s alarming to think so many people struggle to provide a proper send-off for their loved ones.If you’re worried about covering the cost of a funeral, it’s important to have financial protection in place. Consider options like life insurance or a prepaid funeral plan, which allow you to cover the cost of your funeral at today’s rate, avoiding future rising costs.”