Grieving families across the UK do not know where key financial information is stored and how to access it in the event of a death, leaving them in potential financial risk.
This is according to a survey of 2,003 UK consumers who have experienced a bereavement within the past 12 to 24 months for MetLife UK.
The findings reveal that 28% struggled to access important online accounts following the death of a loved one, while a further 29% said they did not know where important documents were stored.
The data also uncovered a significant knowledge gap around what steps people should take in preparation for a familial loss.
More than one in five (21%) admitted they did not even know what financial or insurance policies, bank accounts, or debts had been left by loved ones creating a huge challenge to even know where to start to get affairs into place.
Respondents also reported they would like more help from employers navigating such challenges.
Around one in seven (15%) said that having been through a bereavement, they would have liked more help with things such as contacting accountants, being an executor of a will, or how to close someone’s bank account.
Furthermore, just over half (51%) said they would now use a bereavement planning service if it meant it could help with things like will-writing or securely storing documents and passwords for loved ones to provide easy access after a death.
Charlotte O’Brien, head of employee benefits at MetLife UK, said: “MetLife’s research shows that employers have a real opportunity to play a key part in supporting employees after a bereavement and ensuring their affairs are in place and providing free assistance for loved ones.
“The grieving process is tough enough without the added stress of battling to get access to the critical financial information or not knowing about funeral planning or all the other legal elements involved in death.”
