The taboo of mortality and a growing culture of “living in the moment” has left UK families woefully unprepared for the financial impact of death, Aviva’s latest Family Finances Report has revealed.
Aviva’s data shows almost two in three UK adults (62%) feel death is a taboo subject, which makes it hard for people to discuss their concerns. While 43% say they talk openly about death and do not view it as a taboo subject themselves, more than half (51%) say they don’t want to think or talk about it because they just want to enjoy their life.
Few have made the necessary practical preparations to protect their family in the event of their death, because of the discomfort and unwillingness to discuss the subject. More than half (55%) of UK adults feel they should have a will but have not yet arranged one, even though there is only a low cost attached.
Almost two in three (62%) adults whose parents are still alive have not had any conversations together about their wishes in the event of their death. Of these, most say it is because they’ve never thought about having this type of conversation (63%), although 14% say it is too upsetting while 13% do not want to upset their parents. One in ten (11%) say their parents find it too upsetting or uncomfortable.
Among those who have had these discussions, the majority have only done so because their parents initiated it (40%). Just 15% were responsible for bringing it up in conversation themselves. Even fewer have fully discussed the details of their parents’ funeral (13%) wishes and just one in five (20%) have fully discussed the details of their will.
“We need to change the approach to conversations about mortality,” commented Louise Colley, managing director, protection, Aviva. “Having honest and open discussions around financial and practical arrangements can really help to avoid even greater hardship if the worst should happen.”
“Making sure your finances are in order – and taking appropriate steps to plan for the unforeseen – will provide peace of mind and mean you can continue to protect and support your family even after you are gone,” she added.
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