Key Takeaways:
- Lack of Preparedness: Nearly two-thirds (61%) of Brits do not have a will, leaving families to manage estates and bear associated costs.
- Uncomfortable Conversations: 40% of people find discussing death difficult, often leading to delays in crucial end-of-life planning.
- Age Differences: Younger groups are less likely to have a will. This trend extends to the 45-54 age bracket, where two-thirds (66%) still haven’t created a will.
- Reasons for Inaction: 46% of respondents cite procrastination, while 20% believe creating a will is too costly.
- Family Conflicts: Over one in five people have experienced family conflicts following a relative’s death.
Introduction
Lyfeguard, a top life management and FinTech platform, has revealed that 61% of Brits don’t have a will in place. This situation leaves bereaved families with the burden of managing estates and incurring related costs. The findings resulted from a survey of 2,000 Brits, conducted via independent polling agency Censuswide.
Discussing Death and Delaying Crucial Steps
It seems that discomfort discussing death plays a part in the delay of end-of-life planning. In fact, 40% of respondents admitted to finding it challenging to talk about death. By raising awareness and advocating better planning, the process can be made more bearable for all involved.
Age and Procrastination Impact Will Creation
Younger individuals are more likely to forgo creating a will, with 78% of 16-24-year-olds and 73% of 25-34-year-olds lacking one. Surprisingly, this pattern extends to the 45-54 age bracket, with two-thirds (66%) yet to draft a will. Procrastination (46%) and perceived cost (20%) were the main reasons cited for not having a will.
The Stress of Unplanned End-of-Life Processes
The survey revealed that 44% of respondents have had to manage a loved one’s funeral and end-of-life process. Almost half (49%) found it stressful, while 19% considered it a significant financial burden. Over one in five individuals have experienced family conflicts following a loved one’s death.
Struggling to Manage Deceased’s Estate
The research revealed that in the event of a family member’s passing, 42% of people would not know where to find their important information, while over half (51%) admitted they would need professional help to manage the deceased’s estate effectively.
Lyfeguard’s Role
Fraser Stewart, Chief Commercial Officer of Lyfeguard, stressed the need for societal attitude changes towards end-of-life planning. He said, “By encouraging open conversations and proactive decision-making, individuals can ensure their wishes are respected, alleviate financial strains on their loved ones, and minimise emotional stress during an already challenging time.”
Lyfeguard, leading in this field, provides a range of services designed to support individuals in making informed choices about their end-of-life matters. Its collaboration with trusted partners like Farewill enhances the solutions offered, ensuring individuals have access to the necessary resources throughout the process.
About Lyfeguard
Lyfeguard is a platform that simplifies life planning, addressing two key issues in the UK market: personal disorganisation and a lack of planning for end-of-life. The software allows customers to store, sort, and share personal information in a secure location. It provides insights, reminders, discounts, and financial visualizations to aid planning. It also enables sharing of information with loved ones and advisors, facilitating personal organization and expedited end-of-life arrangements.
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