Till debt do us part
Over half of newlyweds (52 per cent) think wedding costs have spiralled out of control with one in ten (12 per cent) now in over £3,000 worth of debt due to the cost of their nuptials, according to new research.
The research, by Sheilas' Wheels home insurance found that the average wedding now comes in at £18,244 with 16 per cent of couples revealing they argued at least once a week during the planning process because of their finances while one in ten newlyweds (11 per cent) even came close to breaking up due to wedding related money woes.
According to the findings, one in five (21 per cent) had to take out credit cards and loans to pay for their big day with a further quarter (25 per cent) borrowing money from family and friends. Costs are hitting 25 to 34 year olds the hardest with a fifth (20 per cent) having to choose between a wedding or getting that first leg up on the property ladder. 19 per cent admit to almost breaking up in the run up to their wedding with a third (33 per cent) getting into debt to pay for it. A further one in five (23 per cent) have put off getting married due to their strained finances.
Almost one in five (18 per cent) blame the pressure to ‘keep up with the Jones'' as the main reason for wedding costs snowballing, whilst a third (33 per cent) put it down to their ever-expanding guest list. Pressure to host a free bar has caused 16 per cent of newlyweds' finances to get out of control, and almost one in five (19 per cent) felt obligated to kit out their bridal party with full regalia even though they could not afford to do so.
Furthermore, nearly a quarter of those surveyed (24 per cent) think they were overcharged by wedding suppliers with 20 per cent admitting they booked venues or caterers and later regretted it, due to the cost. A fifth (20 per cent) even said they were too embarrassed to haggle or negotiate.
Top ten average wedding related costs:
Honeymoon £3,582
Catering (wedding breakfast, evening food, canapés, drinks) £2,770
Venue (church, civil ceremony location, reception) £2,164
Rings (wedding and engagement ring) £1,856
Wedding dress £1,098
Photographer £876
Flowers, decorations & cake £728
Entertainment (live band, DJ, photo booth) £682
Groom and groomsmen's outfits £674
Bridesmaids (shoes, dress, make up, hair, accessories) £582
The research reveals that savvy brides and grooms are now going to increasing lengths to recoup costs from the big day with one in ten (12 per cent) admitting they ‘e-bayed' items bought from their gift list and 10 per cent admit to returning them to the shop to generate some cash. One in ten brides (11 per cent) sell their wedding dress online to get some cash and a further quarter (26 per cent) ask for money as a wedding gift to help their finances - 15 per cent even say it's specifically to pay off debts.
Jacky Brown at Sheilas' Wheels home insurance said: "The typical wedding is now a very costly affair which is clearly causing a strain to young couples who are also trying to organise their own big day, get a leg up on the property ladder or even look at starting a family.
"Although many couples are being savvy and trying to cut costs wherever possible, it's important that they have adequate home insurance to cover wedding and engagement rings and gifts bought for them for their big day to avoid a costly and unpleasant experience should anything unfortunate happen."
Regional breakdown:
A third of Londoners (33 per cent) took out credit cards or loans to pay for their big day compared to just 13 per cent in the South West
Newlyweds in the North East are the least likely region to be in debt because of their big day (10 per cent)
Londoners are the most likely to put off buying a house because of the cost of their wedding (31 per cent)
