Funeral financial hardship initiative
Alleviating the financial hardship faced by families as a result of funeral costs.
SVA Consulting was invited to drive an innovative system-wide intervention in the funerals and funerals financial products markets, the latter being a key focus of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Commonwealth Bank commissioned our initial research which concluded that funerals needed to be more affordable and a fairer way for families to prepare financially for funerals was required. We then identified a range of partners and models to deliver on this vision.
As a result, SVA Consulting is now working with Tender Funerals to replicate its not-for-profit model of affordable, meaningful funerals in communities across Australia. The team is also working with financial services organisations to host a new funeral savings approach. The new financial product, which will be a savings product with a hardship cover, will likely go to market at the end of 2019. Additionally, communities across Australia are in the process of setting up a Tender Funerals in their local areas, with the first replication site likely delivering services in early 2020.