Couples more likely to pay for their own wedding

It seems that the days when the bride's parents would pay for her wedding are gone as research from Tesco Bank reveals that couples are now more likely than their parents to be footing the bill for their big day.

Just over half of all UK couples (52%) now pay for the majority of their wedding costs from their own pocket. Less than a third (27%) of bride's parents these days fulfil the traditional role of paying for the majority of the day's costs.

Comparisons across the country reveal that mums and dads in Cardiff dig deepest into their pockets, with nearly two thirds (61%) funding most of the expenses.

At the opposite end of the scale, today's most financially independent brides and grooms are those from Norwich, where 64% pay their own way for their big day - way ahead of the national average of 52%.

When it comes to saving for the big day, couples spend an average of 10 months getting their finances in order and are putting an average of £4,700 of their own money towards their dream wedding.

Holidays and meals out are the first cutbacks couples are likely to make in order to afford their perfect wedding day, while a third (32%) are bringing their own lunches into work and having their morning coffee at home, rather than buying on the go.

Jeremy Sutton, Head of Savings & Investments at Tesco Bank said: "Planning your wedding day can be quite stressful, particularly when it comes to managing finances. Saving regularly each month can really make a difference. Our research shows that most couples are cutting their cloth in the run up to the big day by saving money where they can."

For regular savers looking for instant access accounts, Tesco Bank offers two accounts with no hidden charges and no restrictions on the number of withdrawals made for various wedding expenses!

Tesco Instant Access allows customers to save as they shop. As well as managing the account online or over the phone, customers can top up their savings by depositing cash and cheques while doing their weekly shop (excluding Express and petrol filling stations), with the convenience of weekend opening hours.

With the Tesco Internet Saver, customers can manage their account online and benefit from Tesco Bank's highest saving rate. Once registered for online banking, customers can check their balance 24 hours 7 days a week and make secure online payments to another bank or account.

For more information, visit tescobank.com.