Whether it’s the influence of social media, celebrity culture or just growing consumer choice, couples and even wedding guests are getting themselves into more debt to fund their or their friend’s nuptials.
People tend to use a mixture of sources to pay for their wedding, from credit and savings to family donations.
Research commissioned by Equifax
18% of people go into debt, using credit cards or bank loans
62% fund their wedding day by dipping into their savings
44% rely on money from relatives
29% of couples over the last decade didn’t have a budget to fund their wedding
It takes most couples around two years to pay off the debt
Some guests aren’t necessarily spending money they don’t want to though. Research in the US shows that, for some, it’s definitely worth going into debt to take part, 26% of millennials say “it’s definitely worth it”.
The research also found a staggering difference between the different costs of weddings across UK regions.
In the East of England, 63% of couples spend under £5k as opposed to Wales where 31% of couples spend £10-15k.
Even if you are taking part in the wedding, it can cost!
37% of wedding guests paid over £250 to attend their most recent wedding, spending on things like wedding outfits, accommodation, transport and gifts. With more and more weddings happening overseas, guests are facing financial hardships
As a result of such hefty costs for guests:
17% of friends would decline and admit they couldn’t afford to attend a wedding abroad
10% would make up a reason why they couldn’t attend the big day
People reported that the average amount they paid as the Parents of the Bride was £1,450 for the best men and women it was £1,211 and as parents of the bride they forked out a staggering £1,450.
Whether you’re married, single, or enjoying something complicated with a Tinderonian, there’s something we can all agree on – legally declaring love is EXPENSIVE.
For more information on the true cost of weddings you can read Equifax’s infographic here: