The average cost of a funeral in Australia ranges anywhere from $4,000 to $15,000 or more. Cremation is at the lower end of that pay range and more extravagant funerals are at the higher end. With that, it’s hard to accept then, that the median price for a funeral in the country is actually $19,000. When comparing funeral expenses to that of other countries, the average price in the United States usually falls between the range of $7,000 and $12,000, and in Europe, let’s take Paris for example, the average burial price is 3800 Euros.
When comparing direct costs, Australia is one of the most expensive countries to have a funeral. This leaves Australians wondering what makes them so expensive and how they can proactively combat these costs.
How Much Is the Typical Funeral Cost in Australia?
While the median cost of a funeral in Australia is $19,000, this cost is often pushed so far up the scale because many people don’t realise that the majority of the things for a funeral service are often optional. Of course, this plays more into funeral expense education by those involved in the process, but oftentimes, those involved are trying to sell while lending comfort at a difficult time in one’s life.
That combination doesn’t usually involve making customers aware of their cheapest options or most basic packages unless they are directly asked for or requested. Did you know that a large majority of the funeral costs are paid to the funeral director? This mostly includes things that can’t be avoided such as the death certificate and transfer of the deceased. But it does include things that can be modified, from extravagant flower arrangements and newspaper notices to the most expensive casket options.
So, what makes funerals in Australia so expensive? Aside from the $6,000+ bill from the funeral director, Australians could pay anywhere from $750 to $12,000 on the headstone alone. Cemetery fees would also need to be accounted for. There are actually some cemeteries that charge $21,000 for a basic grave and marker on their property.
Keep in mind that this doesn’t include foundation fees. These prices, added together can create a large strain on Australians but they can be avoided.
Unexpected Funerals: Here’s How to Pay For Them
There are multiple ways to pay for and handle unexpected funeral costs. Let’s talk about some of the options out there;
- Direct burials
- Direct cremations
- The deceased has a life insurance policy that covers the expenses
- Personal accounts
- Funeral Loan
- Credit card
The average personal debt amount across Australia is around $46,000. This can make it difficult for anyone to have to take on unexpected funeral costs. Thankfully, with proactive planning, there is a way to alleviate the strain of these price tags without sacrificing the things you might want to have involved in a loved one’s farewell.
Proactive Planning: It Can Be Done
Planning for the unexpected can save you thousands of dollars and can help to reduce the stress that’s involved with not being able to handle the unforeseen. One of the best ways to do this is with peer-to-peer lending. IOUcash is becoming one of the more popular ways to borrow funds within a close network of people.
One way that you could use IOUcash to prepare for unexpected costs is to set up a borrowing plan, propose it to a family member or friend, and borrow and save within cycles. This is a way to retain peace of mind, prepare for what can’t be controlled, and save money quickly and safely. Pre-register now and be one of the first to take advantage of our App.