A friend in the funeral industry shared some interesting information with me recently – the difference in costs between a funeral for a child in 1920 versus 2014. While there is no exact comparison of all services and items, I have illustrated the similar items today.
Item 1920 2014
|Burial Case or Vault||$2.50||$795.00|
|Grave Plot *||$6.00||$4,999.00|
|Opening and Closing of Grave||$3.00||$695.00|
|Funeral Home Attendants & Professional Services||$2.50||$1,989.00|
* If available – costs vary widely!
Using the Bank of Canada’s Inflation Calculator, $33.50 in 1920 should cost $357.43 today – here is a screen clip – a 996.95% increase with an average annual inflation rate over 94 years of 2.55%! However, funeral costs have risen at a much greater rate. I will leave you to figure out the rate at which those costs have increased over 94 years.
Have you considered your wishes for the future – and do you have resources (read cash) set aside to handle your passing? And don’t forget to add something for catering, flowers and the no-host bar along with meeting your cultural, faith, community and family expectations. It is not unusual today to see funerals and memorials cost more than $100,000!
Is it time to review your plans?