New Research Shows That Nearly One in Five Couples Start Married Life With Wedding Debt
Til Debt Do Us Part
New research from Equifax has shown that couples are ending up with more than a partner for life after the average UK wedding now costs over £30,000: https://www.equifax.co.uk/resources/money_management/wedding_costs.html
The research commissioned by Equifax found that:
- Nearly 30% of couples who married from 2007 – 2017 admitted they didn’t have a budget
- Over a quarter felt they’d overspent
- 18% of couples get into debt for their weddings, using credit cards and loans
- On average, it takes around two years to pay back the cost of a wedding
- 23% of couples spent up to £10,000
- 16% of couples spent up to £15,000
So, who’s funding these super-expensive events?
Well, it may not surprise you to learn that 44% of couples were given money by their family to bankroll their big day. However, lots of couples support themselves – 62% of people dip into their savings to fund their big day.
How expensive is it to be a wedding guest?
The average wedding guest spends over £250 to attend a wedding – Including travel, new clothes, gifts and accommodation. And that’s without the added cost of going to a wedding abroad.
According to recent research by Equifax, when it comes to being invited to a wedding abroad at their own cost:
- 10% of people invited would say no and lie about why they couldn’t come
- 17% would say no – and explain they couldn’t afford to attend because of money
- Only 16% of wedding guests would be prepared to travel abroad to a wedding, no matter what it cost.
“Whether it’s the bride, groom, parents, bridesmaids or best men and women, weddings can be an expensive business for everyone involved,” explains Lisa Hardstaff, credit information expert at Equifax. “Many couples fund their wedding with loans and savings, which could leave them in financial difficulties, especially if their circumstances change suddenly.
“Our research offers an insight into the financial pressures weddings put on guests, who have to pay for stag and hen dos, as well as gifts, travel, outfits and hotels. All of the costs can add up without realising. However, it’s important for newlyweds to recognise just how much debt their nuptials could cause and that it could take a long time to pay it off.”
Whether you’re married, single, or taking part in a wedding there’s something we can all agree on – legally declaring love is EXPENSIVE.
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