8th June 2015
With the typical wedding setting couples back thousands of pounds a greater number are slashing back on guest numbers in a bid to cut costs.
A national survey from Nationwide Building Society which polled 2,000 adults who were either married or in a civil partnership, showed the average amount spent on tying the knot is around £7,500 although more than one in five couples, at 22%, spends in excess of £10,000.
The research found that cutting the wedding guest list is the UK’s favoured option when it comes to reducing the costs of getting married, with women around 10% more likely to reduce the numbers of family and friends than men. Conversely, the least likely item to undergo cost cuts are the wedding rings.
The analysis found that people aged 25-34 spend the most on average, at just over £11,200 with the amount spent steadily declining as people get married later in life – in fact the research showed nearly half, at 48%, of those getting married aged 55 and above spend £1,000 or less on their nuptials.
However, with many people not having set aside enough savings for the big day, many couples could be forced to scale back their wedding plans as the survey revealed that 25% raided their current account to pay for their wedding, while 14% used their credit card to foot the bill.
Most likely to be reduced/ downgraded:
Least likely to be reduced/ downgraded:
Regionally, there is a significant difference in the amount people spend on weddings and civil partnerships, with London being the only area where the average spend exceeds £10,000. This is more than £4,400 higher than in the area of lowest spend – East Anglia – where the average wedding spend is £5,655 according to the research.
Average wedding spend by region:
Phil Smith, Nationwide’s head of current accounts, said: “A wedding is one of life’s major investments and understandably people want to have a memorable day, no matter what their budget is. We would always encourage people to start planning and saving as soon as possible so that all associated costs can be taken into account. That way, when the big day approaches, you won’t be left out of pocket through dipping into your current account.
“Current accounts should ideally serve for day-to-day spending rather than panic plundering. That said, anyone approaching their wedding will undoubtedly face last-minute cost issues, and your bank account or overdraft is a natural and convenient choice for covering these.”