Big Life Events: Do we Spend Too Much or Too Little on Weddings?
Along with buying a house and having children, one of the biggest life events we can experience is getting married. This special time shows two people making the ultimate commitment to one another, and traditionally, is a big celebration for the family and friends of the happy couple.
Unfortunately, these much-loved traditions can certainly make a dent in our savings, and even if you set yourself a strict budget, a wedding is a pricey occasion. With so much to consider, it’s no surprise that opinion is often split when it comes to which expenses should be prioritised.
The team at Likely Loans saw that a growing number of customers were using their loans for weddings, so we wanted to discover the opinion of the Great British public, and where they were most and least happy to spend their money when it comes to wedding-based purchases. So, to find out more about your thoughts on wedding day budgeting, we conducted a survey to help answer some of our key questions.
Weddings Cost How Much?!
Previous research found that the average cost of a wedding in the UK is £27,161, so we were keen to find out exactly how this measured up against the estimations of those who took part in our survey.
On average, most thought that £10,000 was a reasonable expenditure for the big event. This figure is more than £17,000 too short of what you could actually have to fork out (according to the average), so even if both you and your partner had saved £10,000 each, you’d still be a good few thousand short of the mark.
We already offer a Wedding Loan to help cover the costs of the big day, so it was of no real surprise to discover that an estimated 16,000 couples might opt to use a loan or credit card to help finance their wedding in 2018.
Honeymoon or Venue?
According to a recent survey conducted in the UK by wedding site Hitched, the biggest single expenditure for any wedding is likely to be the venue. However, our survey showed that although this was considered worthy of fifth place for the most important aspect, it was beaten to first place by the honeymoon, closely followed by the engagement ring, the wedding rings, and the dress.
Of course, when it comes to the bride and groom, opinion can certainly differ. When looking back, 20.9% of men stated that in hindsight they wish they had reduced the amount they spent on their wedding, which is quite a split when compared to the 14.5% of women who wished they had spent more.
Difference in opinions didn’t stop there, and while men deemed the wedding rings to be higher up the list than the engagement ring, whilst the majority of women surveyed disagreed.
Diamonds are an Over-60s Best Friend
Age also seems to play a part in dividing people’s opinions, and when breaking down the data this was plain to see. When it came to financing their wedding, it was the younger generations who are most likely to consider a loan or credit card to help spread the costs, with 29.9% of 25-34 year-old’s having already or willing to do so.
18-24 year-olds have certainly proved themselves to be less materialistic in terms of aspects of marriage such as the engagement ring, with just 10% voting it as being a key item to spend their money on. This is minor in comparison to the 29.2% of over 65s who would prioritise their wedding budget on this element.
A Helping Hand with Your Big Day
When it comes to your big day, there is no set way of doing it, every couple is different – and that rings true for the final cost as well. From the dress to the venue, it’s important to ensure you’re happy with the final product, everyone is different and as such the details and final price tag of your wedding will be too.
Obviously, forking out for the big day in one go can be a stressful concept for some, especially if savings are limited, so the option to spread the cost can certainly help alleviate at least some of the stress and allow you to enjoy your big day without the worry.
Whilst we can’t promise to help you find the perfect dress, we may be able help you in terms of finance options with one of our Wedding Loan, which have been designed to provide you with the extra financial support you need at this time.
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