Four out of every five people in Ireland do not have money set aside for their funeral, nor have they arrangements made for it, new research has found.
While over a quarter said they do not plan to ever do so.
The survey of 1,000 adults, carried out by iReach on behalf of insurance brokers Gallagher, found women and those over the age of 55 are most inclined to make financial arrangements for their funeral.
A third of individuals aged 55+ have already made such plans, while more men than women say they don't plan on putting arrangements in place.
The research also found that people with a pension are significantly more likely to say they will plan or have planned for their funeral than those without.
It is a similar picture with homeowners, with those who own a property almost twice as likely than non-homeowners to already have plans in place.
"Understandably, people don’t relish the prospect of thinking about their own funeral, which could be why so few people have put plans in place," said Jonathan Roche-Kelly, Director of Financial Services for Gallagher.
"However, it’s not surprising that the older respondents were much more likely to have done this with one-third (33%) of individuals aged 55+ having already made such plans."
The survey found 43% of people believe the cost of a funeral falls between €1,000 and €5,000, with 42% estimating it to be between €5,000 and €10,000.
Just under one in ten think a funeral would cost less than €1,000.
Gallagher found that in Dublin the cost of a funeral can range from €1,750 to €8,500 depending on factors, while outside the capital they were similar.
"Funerals in Ireland can indeed be costly affairs, and people’s perceptions of the costs vary widely—much like the actual expenses involved," Mr Roche-Kelly said.
"Based on market research, funeral prices can range anywhere from €2,000 to €8,000."
"In reality, many families are left struggling to cover these costs so planning ahead and considering these expenses in advance can be a practical step."
