Over a quarter of couples don’t set a budget for their wedding day
07 Sep 2017
New research from Equifax highlights how is easy it is for the cost of the big day to escalate
Credit information provider Equifax has revealed, via new research, that over a quarter (29%) of Brits who got married in the last 10 years admitted they didn’t set a budget for their big day. Furthermore, 16% felt that they spent too much on their wedding, and 12% said they don’t know exactly how much they spent. This latest research shows just how easy it can be for couples to spend more than they can actually afford and risk getting into debt.
While half of respondents who know how much the day cost spent less than £5,000 on their wedding, nearly a quarter (23%) admitted to spending between £5,000 and £10,000. 16% splashed out £10,000 to £15,000 and just 1% spent over £25,000. And, despite 16% saying they think they spent too much on the wedding, the majority of people (71%) think they spent the right amount.
When it comes to funding their big day, 62% of Brits said they saved up to pay for the big day; 44% had financial assistance from relatives. However, over a third (38%) used their disposable income, with 14% paying for the special day on credit and 4% using a bank loan.
Lisa Hardstaff, credit information expert at Equifax, comments, “It’s encouraging to see that the majority of couples save up for their wedding celebrations, which means they are more likely to have a grasp on how much they are spending.
"The worry is that with nearly a third (29%) not budgeting, and some of those could be using credit cards and bank loans to cover their expenses, there’s a risk of the costs escalating. Everyone wants to have a special day, but it won’t feel very special if newlyweds are worried about mounting interest on their wedding expenditure.
“We suggest that couples set a wedding budget and stick to it, as that’s the best way to ensure they can have a celebration they can afford and start married life in the best financial position.”