Wedding News
30-MAR-05 | Average wedding costs around £16,000
Britons will spend £4.2 billion getting married this year, according to research.
The typical wedding is expect to cost around £16,000, yet 45% of couples - around 117,000 nationwide - have not made financial plans to be able to pay for their big day, according to a study by stockbrokers Brewin Dolphin Securities.
Many couples make sacrifices to be able to afford their wedding, an estimated 260,000 weddings will take place during the year, the survey revealed.
Of these weddings about 15% of couples have saved money by not having a holiday for a year and 9% say they have taken on extra jobs, while 10% of couples have taken out a loan or used credit cards to cover their wedding costs.
Around 8,000 couples have been selling family heirlooms to raise cash whilst lots more have turned to gambling, in a risky effort to raise money.
Only 5% of couples said that they had discussed financial planning with a professional advisor prior to their wedding, despite the significant financial investment the couples would have to make.
Across the UK, couples living in Wales and the West Country (55%) were the least likely to make any financial plans for their wedding, Londoners were the most likely to prepare.
Sandy Bryson, Head of Financial Services at Brewin Dolphin said: "Starting married life with huge debts is far from ideal and saving is the best way to ensure your wedding day does not leave you with a financial hangover.
"Budgeting is essential both for the parents and the couple themselves, and it's encouraging nearly one in five of those interviewed are investing in a regular savings scheme.
"The best solution is to take professional and independent advice before making any financial plans. This will help everyone enjoy the day."