Encouraging signs that public confidence is returning to the funeral plan market post-regulation

The latest figures released today by the National Association of Funeral Providers (NAFPP) show early signs that consumer confidence may be returning to the funeral plan sector following its regulation in 2022.

The Annual Report by the trade association, which includes all active providers, demonstrates that many consumers want to plan their own funerals and make financial provision ahead of time. The results also confirm the rising importance of funeral plans in how people finance their funeral.  With 116,000 funerals funded by prepaid plans last year, 18% of all UK burials and cremations were paid for in advance by an NAFPP member’s plans. This continues a rising trend and is the highest level recorded to date.

This is the second year of reporting by the NAFPP, and they have committed to increasingly report additional information on emerging trends.

With over 1.75 million plans in place a significant portion of the UK’s older generation have taken this step already. Over 184,000 new plans were taken out in 2024, with a growing number reflecting the current trend towards simpler funerals or direct cremation. With an ageing population the Association predicts sustained growth in the coming years. 

Chris Clark, NAFPP Chair and Managing Director of Ecclesiastical Planning Services welcomed the growth in activity noting that “Consumers appreciate certainty. Setting out their wishes and choosing who will take care of their funeral arrangements and support their family brings peace of mind. Trends and fashions change, but the underlying human desire to prepare for the future remains. Funeral plans remain an attractive source of comfort and reassurance for today’s population.”

Chris went on to explain that the introduction of funeral plan regulation in July 2022 under the remit of the Financial Conduct Authority means that all funeral plan providers are required to meet high conduct and governance standards. This is helping to maintain confidence in the funeral plan sector and ensure better outcomes for consumers as funeral plan providers now operate in a regulated environment.

Today we can confirm the volume of new plans taken out, the numbers of plans redeemed and the total market size at the end of 2024.

PeriodPlans OpenedFunerals FundedClosing Active Plans
2024184,083116,0831,762,523

This table reflects the aggregated declarations made by the Association’s members

The National Association of Funeral Plan Providers is a membership organisation representing and promoting the prepaid funeral planning sector across the United Kingdom, with 26 of the Financial Conduct Authority’s approved plan providers in membership, including local funeral directors, niche suppliers, national brands, and integrated providers.

For more information visit NAFPP.org or contact the Secretary, on 07709 601344 or email gordon.swan@nafpp.co.uk