Couples get wedding saving savvy
Today's engaged couples are taking greater financial control over their wedding. With nearly two thirds (61%) footing the majority of the costs themselves, they are saving more and spending less ahead of their big day, according to research from Tesco Bank.
The research highlights a shift in the way in which weddings are paid for.
While 27% of married couples surveyed had the majority of their wedding paid for by the bride's family, just one in five (20%) of those due to marry will do so with the same level of financial support from the bride's family.
With the financial responsibility resting on their shoulders, over two thirds of couples polled in the survey (69%) are planning for a budget of £10,000 or under - half the figure of last year's UK average wedding cost.
Comparisons across the country reveal that Londoners set the highest budget for their wedding - an average of £13,418 - closely followed by Liverpudlians who set a budget of £10,479. At the other end of the scale, couples in Aberdeen are keeping the tightest grip on the wedding purse strings, budgeting just £5,070.
Top five cities with biggest wedding budgets
Rank City Average wedding budget
1. London £13,418
2. Liverpool £10,479
3. Southampton £10,198
4. York £10,135
5. Leeds £9,923
Top five cities keeping their spending in check
Rank City Average wedding budget
1. Aberdeen £5,070
2. Norwich £5,313
3. Bristol £6,587
4. Leicester £7,417
5. Plymouth £7,571
On average, engaged couples plan to save £5,200 towards their wedding, setting up a specific savings account (35%) and planning to save up for over a year (70%). One in five (19%) still have to put money aside for a minimum of two years in order to pay for their big day.
David McCreadie, Managing Director for Banking at Tesco Bank, said: "Getting married may be the best day of your life but it can also be the most expensive. Our research suggests that, as couples take on greater financial responsibility for their wedding costs, they are also becoming more realistic with how they spend their money and taking time to save up enough cash.
"Even though over 80% of married couples say that they were able to keep their wedding within budget, it is always worth setting aside a contingency of 10-15% just to avoid any surprises."
Wedding Saving Tips:
Sit down with your partner and set a realistic wedding budget, including contingency planning.
Work out from this budget how much you will need to save ahead of your wedding day and agree to save a regular amount each month into a savings account tescofinance.com/personal/finance/savings/index.jsp
Look at your current monthly outgoings. Are there any areas you could cut back on to save some money? Tesco Bank research shows that holidays and meals out are the first cutbacks to be made while one in five (22%) give up their trips to coffee shops to help make a few savings.
Set up a specific savings account. Look for a high interest account and, if you are worried you may be tempted to dip into your savings, you could consider an account that locks your money away for a fixed one or two-year period.
For more information on saving accounts from Tesco Bank, visit tescobank.com.