Americans Face $8,300 Funeral Costs—58% Would Need Loans

AI Summary

A CardRates survey revealed that 58% of U.S. adults would need to borrow money to cover the median funeral cost of $8,300. The financial burden affects all generations, with 71% of Gen Z indicating they’d need loans, along with varying percentages across other age groups: 58% millennials, 51% Gen X, and 52% baby boomers. Additionally, 37% of Americans have previously borrowed for funeral expenses, an increase from 14% the previous year. This situation highlights a widespread financial gap that makes planning for end-of-life costs critical.