NATIONAL NEWS - Research conducted by a life insurance provider, SunLife, has revealed that South Africa is the fourth-most expensive country to die in “at 13% of average salary”.
According to the research, the average cost of dying across the world is around 10% of people’s annual salaries.
“Japan is the most expensive place to die, at 68% of the salary.”
The research looked at the cost of dying in countries across the world when compared to the respective cost of living and earnings.
“Based on available data gathered by its research team, the figures revealed that South Africa is the fourth most expensive place on the planet to die, with the cost of burial or cremation costing 13% of the average salary.”
According to the research, the average cost of a funeral in South Africa is around R26,875 which is 13% of the average salary according to the latest figures from the OECD Better Life Index.
The second and third most expensive countries to die in are China and Germany, respectively, according to the research.
The Netherlands came in after South Africa followed by, consecutively, the United Kingdom, New Zealand, the USA, Portugal, and Croatia.
Commenting on the results, Justin Cole, life business director at SunLife, said: “There is 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.”
(Compiled by Makhosandile Zulu)