‘People end up going into debt while also trying to grieve’

  • The median cost of a burial in 2023 was $9,995, a 6.1% increase since 2021
  • The median cost of cremation in 2023 was $6,280, up 8.1% from 2021
  • The U.S. inflation rate was 13.6% over the same period
  • Legal matters after a death cost an average of $2,788
  • The national cremation rate hit 60.5% of all deaths in 2023
  • By 2045, the cremation rate is projected to grow to 81.4%
  • Most Americans (60.5%) would be interested in exploring green funeral options
  • The green-funeral market globally is only $572 million
  • Half of Americans have less than $500 in savings

Dying is becoming increasingly expensive, with the median cost of burial and cremation rising significantly in recent years. In 2023, the median cost of a burial was $9,995, a 6.1% increase since 2021. Cremation costs also saw a significant increase, with the median cost reaching $6,280, up 8.1% from 2021. These costs have outpaced the U.S. inflation rate of 13.6% over the same period. In addition to burial and cremation expenses, legal matters after a death can cost an average of $2,788. As a result, many people are opting for cremation, which has become the more affordable option. In fact, the national cremation rate surpassed the casketed-burial rate for the first time in U.S. history in 2015 and is projected to reach 81.4% by 2045. The shift towards cremation is driven by factors such as cost, changing consumer preferences, and environmental concerns. However, alternative burial methods and green funeral options remain a small niche in the industry. Despite the rising costs, awareness of cost-saving measures is limited, leading many individuals to go into debt while also trying to grieve. With half of Americans having less than $500 in savings, the cost of a funeral can be a significant financial burden.

Public Companies: National Funeral Directors Association (null), Cake (null), Empathy (null), Radney Funeral Home (null)
Private Companies: undefined, undefined
Key People: Suelin Chen (Chief Executive of Cake), Randy Anderson (Funeral Director of Radney Funeral Home)

Factuality Level: 8
Justification: The article provides specific information about the costs of burial and cremation, citing sources such as the National Funeral Directors Association and the U.S. Department of Labor. It also includes quotes from industry professionals and statistics on the cremation rate. However, there is some subjective language and opinion presented as fact, such as the statement that cremation is driven by personal or family preferences rather than costs.

Noise Level: 7
Justification: The article provides information on the costs involved in dying, including burial and cremation expenses, legal fees, and real estate costs. It also discusses the shift towards cremation and alternative burial methods. However, the article lacks scientific rigor and intellectual honesty as it does not provide data or evidence to support its claims. It also does not offer actionable insights or solutions for readers.

Financial Relevance: No
Financial Markets Impacted: No

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article does not pertain to financial topics and does not describe any extreme events.

Reported publicly: www.marketwatch.com