Credit crunch and technology turning Brits into nation of planners

New technology coupled with the credit crunch is turning Britons into a nation of planners according to research by The Co-operative Life Planning team.

Two thirds (66.5 per cent) of those asked said they planned more than they used to and almost three in four (74.1 per cent) admitted that the credit crunch had made them more careful with how they spend money and more likely to plan for events.

50 per cent of people say they are spending on average between 15 and 30 minutes a day budgeting and pre-arranging day-to-day events such as shopping (58.7 per cent) cooking (54 per cent) and days out (49.6 per cent).

Almost seven in ten (68.4 per cent) say new technology such as the Internet and the latest generation of TV recording equipment is also making them plan more than they used to.

Respondents said they were planning other major events such as holidays (66.7 per cent), a wedding (44.7 per cent) and weekend breaks (41.4 per cent).

The research into the nation's planning habits coincides with The Co-operative Funeralcare's launch of an expanded range of products and payment options for the rapidly expanding funeral planning market.

The market is now worth more than £150m a year as more and more ageing consumers are realising that paying for and planning their funeral in advance offers them and their family financial security, and peace of mind.

Ian Mackie, Managing Director of Funeral Planning for The Co-operative Funeralcare, said: "Planning ahead for all life events is evidently becoming increasingly popular, including for many their funeral.

"The survey results reflect the situation being experienced by The Co-operative Funeralcare, that more and more people are choosing to plan their funeral in advance, following steady growth in this market sector.

"That is why with the results of this survey and the tough economic climate, The Co-operative Funeralcare believes it is the right time to widen the choice of payment options to pay for a funeral in advance allowing the purchaser to make their own decision and plan according to their individual financial position.

More than a third (36.7 per cent) of the over 60's have considered planning their funeral with almost 60 per cent (58.7 per cent) saying it would be financially beneficial to their family. 46.8 per cent citied peace of mind as the main factor for buying a pre arranged plan with 45.5 per cent admitting it would ensure that their family know their funeral wishes.

All the Funeral Plans offered by The Co-operative Funeralcare include a guaranteed funeral for the services specified in their Funeral Plan regardless of any future price increases. The Co-operative, which operates 1,100 funeral homes across the UK, is the UK's largest Funeral Director, and arranges thousands of Funeral Plans annually.

The survey also indicated that of those who had considered planning their funeral, 42.4% have considered what music, hymns or songs they would have at their funeral. Being able to express personal wishes as part of the process for choosing a Funeral Plan is just one of a number of reasons why people choose to plan ahead in this way.