Managing the cost of dying: Why preplanning funerals is on the rise in Australia

The cost of dying is something most of us would rather not think about. But with funeral expenses climbing, more Australians are choosing to plan their funerals early. 

Preplanning your funeral helps ease the financial pressure on loved ones during an already challenging time. But it’s not just about the dollars. Beyond the financial benefits, there’s a deeper story – one about taking control in uncertain times, creating meaningful goodbyes and finding peace of mind.

On average, families in Australia spend between $4,000 and $15,000 on a funeral, depending on the type of service and personal preferences (according to MoneySmart). Historical data shows funeral costs have generally increased over time, influenced by inflation, rising service fees and limited availability of cemetery space.

While future prices can’t be predicted with certainty, these upward trends suggest costs may continue to rise. Prepaying for a funeral means paying at today’s rates, which may help reduce the financial impact on loved ones later.

Preplanning your funeral can help ease the logistical burden on those closest to you. In the midst of grief, making arrangements can be overwhelming. By documenting your wishes in advance, you give your family greater clarity and direction during an already difficult time.

You can’t control everything life might throw at you and your loved ones, but you can take charge of some things. 

Preplanning aspects of your funeral – like setting down your preferences and making financial arrangements – can offer clarity and reduce future uncertainty for your family. While not every detail can be settled in advance, taking those first steps can help make a difficult time a little more manageable later on.

Grief is painful enough without the added pressure of making decisions. By setting out your wishes ahead of time, you lift a heavy burden from those left behind. Instead of worrying about bills and logistics, they can focus on supporting each other and honouring your memory in the way you wanted. 

Preplanning a funeral is seen as a final gift to those you love. But it can also be a gift to yourself – a way to celebrate your own story. By taking matters into your own hands, you get to ensure your farewell reflects who you are and how you want to be remembered. Whether that means a quiet, traditional service or a bright celebration of life, planning ahead gives you a say. Even the planning process itself can be meaningful, inviting reflection, gratitude, and the chance to think about what really matters most to you. 

Now you understand a bit more about why Australians are preplanning funerals, you might take some time to consider your options. Could preplanning be right for you? Here are some questions to help you reflect.  

• Would it give me peace of mind to have my funeral wishes recorded?
• Would this help my family avoid financial and logistical stress?
• Is prepaying something I can comfortably afford right now?
• Would I like to choose the kind of farewell that I want?
• How might my family feel about having fewer decisions to make?

While you reflect on these questions, it’s also worth considering the risks and limitations of a funeral plan. Afterall, it’s a significant decision that requires care and thought. For example, with Guardian Plan, you must choose a funeral provider within our network of brands. While we operate around the country, your chosen funeral provider may not be included in this list. 

You also need to understand that the funds you contribute to your funeral plan can only be released upon your death for the purpose of carrying out your funeral arrangements. It cannot be accessed under any other circumstances. 

There’s no one-size-fits-all approach to funeral planning. But as more Australians take this step, it’s worth reflecting on how this option might serve you and your family. 

Important Information: Guardian Plan is a pre-paid funeral plan where your funds are invested in a funeral bond issued by Over Fifty Guardian Friendly Society Limited (the Society) ABN 81 087 649 063 AFSL 524353. This product is a financial product and may not be suitable for everyone. Before making a decision, consider the Product Disclosure Statement (PDS) and consider whether this option suits your needs, seek independent financial advice if needed.