South Africa the 4th most expensive place in the world to die
Cape Town - New research has revealed that South Africa is the fourth most expensive country to die in, with the cost of burial or cremation accounting for 13% of the average annual salary.
This comes as part of SunLife’s Cost of Dying International research, which has calculated the average cost of a funeral in South Africa is around R26 875. According to StatsSA, the average worker is paid around R270 000 per year.
Based on available data gathered by the life insurance provider’s research team, the average cost of dying across the world is around 10% of the average individual salary.
To calculate the average cost of dying across the world, the team worked out the average cost of funerals in 35 different countries and compared them to the respective cost of living and earnings.
Japan is the most expensive place to die, at 68% of salary, followed by China at 45.4%, and Germany at 16.4%.
Life business director at SunLife, Justin Cole, said there are a range of factors that influence the cost of funerals around the world, including cultural expectations, the overall cost of living and state contributions towards funeral costs.
“Unfortunately for us, or perhaps our family and friends, there are certain inevitable costs when it comes to dying: the costs of burial or cremation, and of course, the funeral. No matter where you live in the world, this is one fate which is inevitable for all of us; the cost of dying,” he said.
This article was first published on Coronavirus Monitor