Then and Now… The Real Cost of a Funeral

Mar 9, 2018 | Estate & Legacy, Life Transitions, Lifestyle, Wealth Protection

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
Casket       $12.50     $2,999.00
Burial Case or Vault        $2.50      $795.00
Family Car        $5.50      $295.00
Hearse       $1.50      $395.00
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
Total      $33.50  $12,167.00

* If available – costs vary widely!

 

cost-of-goodsUsing 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?