Couples forced to cut wedding spend as average cost increases
22 May 2017
A new survey has revealed that the average wedding cost has increased to £8,000
The Nationwide Wedding Survey, which polled 2,000 married UK couples, has revealed that the average cost of getting married has reached £8,000, an increase of over £400 since 2015. Whilst the average is approximately £8,000, 24% of couples spent more than £10,000, and around one in ten spent more than £20,000.
Contrary to tradition, many parents no longer foot the bill, however, with 52% of those surveyed stating that they had no financial help from their parents towards their wedding. 24% of couples found themselves in debt for up to two years after the big day: more than a fifth used their current account to pay for their wedding, whilst one in ten used their credit card and one in 20 relied on a personal loan.
The results found that couples aged 25 to 34 spend the most on their wedding on average, with a price tag of £15,089. This is compared to those who get married later in life, at age 55 and over, who spend nearly four times less at £4,081.
Spending on wedding dresses is the first to be reduced in a bid to decrease the bill, with 48% of couples saying that they cut this cost. The number of guests, invitations, and venue were also being top of the list to be slashed when money gets tight.
Phil Smith, Nationwide’s head of current accounts, said: "Weddings and civil ceremonies represent one of the biggest occasions in someone’s life and will probably be one of the most expensive too. It can often take years of saving to make the big day a reality, which is perhaps why many of us cut down on key parts of the wedding to save costs, including the dress, guest numbers, invitations and suit hire.
"As our research shows, a quarter of us dip into our current accounts to cover the costs of getting married. We would always recommend people look to put money aside, whether that is in an ISA or regular savings account, particularly for those big life events. That way you won’t unknowingly be left out of pocket.”
For more tips to save money on wedding costs, visit www.nationwide.co.uk/wedding-costs