Durban - SOUTH Africa is the fourth-most expensive country in which to die.
The research conducted by SunLife, the over-50s’ life insurance provider in the UK, recently listed the most expensive countries to die in when compared with the respective cost of living and earnings.
To work out the average cost of dying across the world, its research team gathered the available data and worked out the average cost of end-of-life rituals by analysing the costs of a typical ceremony for 35 countries (where information was available), such as the cost of burials and cremations.
To ensure they worked out a fair representation across countries, the researchers then looked at this cost in comparison with average salaries, giving them a fair understanding of the cost of dying versus the cost of living in the respective countries.
SunLife’s research found the cost of burial or cremation in South Africa cost 13% of the average salary, at around R26 875. This is according to the latest figures from the Organisation for Economic Co-operation and Development Better Life Index.
The average cost of dying across the world is around 10% of an average annual salary.
Japan is the most expensive place to die, at 68.4% of your salary (3 million yuan or R7.5 million), followed by China, at 45.4% (37 375 yuan) and Germany, at 16.4% (6 880 euros or R141 000).
The remainder in the top 10 are the Netherlands, the UK, New Zealand, the US, Portugal and Croatia.
The cost of dying in India is 2.4% of an average salary (9 000 rupees or R2 000).
Based on the research, the lowest percentage of salary spent on the average funeral was in Russia (1.3%), Poland (2.3%) and Denmark (2.4%).
Justin Cole, life business director at SunLife, said: “There are a range of factors influencing the cost of funerals across the world such as the cultural expectations, the overall cost of living and the contributions of different states towards funeral costs, and we wanted to see how this impacted families globally.
“It’s clear that attitudes and costs vary drastically country by country with very little correlation.
“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.”
The research has shown that regardless of where you are in the world, preparation is key and thinking about your funeral plans now can ensure your family and friends are as financially prepared as possible when the time comes.
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