Average cost of a wedding to hit £32,064 by 2028
27 Feb 2018
Wedding budgets are far from dwindling as recent research by Money.co.uk shows
Financial comparison site Money.co.uk recently investigated the future cost of weddings in the next 10 years with surprising results.
Using more than 80 years of government data the research, which considered trends in inflation and rising expenses, uncovered that the average price of a wedding is set to increase by 60% - taking the cost up to a staggering £32,064 by 2028.
The study - which also looked at the rising cost of divorce and house prices - predicts that 399,180 people will marry in 2028, which equates to 199,590 marriages.
On average Brits are saving £105 a month to put towards their wedding, suggesting it takes around 10 years for the average couple to save for a wedding costing £25,000 (£25,090 being the national average). To save for a wedding costing £32,064, it would take a further three years.
However, the current average UK salary is £27,500 - increasing at a growth rate of 2% year on year - which does not reflect the steep rise in projected wedding costs.
Hannah Maundrell, editor in chief of money.co.uk, said: “The cost of our major life events like buying a house and getting married are rising but wages are not keeping up. More than ever before people need to make their finances a priority. The figures we’ve predicted are based on trends in government data. We expect certain external events may have a large impact on future finances, such as large political milestones like Brexit or wage freezes in the public sector.”
For more information on this future financial forecast, visit money.co.uk/financial-forecast/.