Ding Dong, The Budgets Gone!
With Royal wedding fever expected to hit the UK this year with the marriage of Prince Harry and Miss Markle at an estimated cost of £20 million, consumer finance website www.satsuma.co.uk decided to look at the average cost of weddings in the UK of £27,161* and whether or not people’s attitudes towards the age old order of wedding, house then kids is shifting.
77% of respondents said the UK average wedding cost of £27,161 is “wasteful” and better to spend the money on something else.
30% of respondents said they would consider asking people to buy a ticket to their wedding instead of a traditional gift.
Satsuma asked over 1000 soon to be married people from all over the UK about money and what engaged couples would rather spend their wedding budgets on.
The idea of a wedding day in some cultures has long gone hand in hand with setting a young couple up financially on solid footing for the coming years. However, it seems in UK society with today’s cost of living being ever more expensive, especially with recent IFS data stating that house prices have risen 7 times faster than average salaries over the last 20 years, the idea of going all out on the big day might be starting to become unattractive to many.
Satsuma discovered the average £27,161 UK cost of a wedding is considered extremely wasteful by 77% of those surveyed. Only 11% of respondents said they thought the cost was reasonable as it’s important to get things right.
What people would rather spend that large sum of money on might be a reasonable explanation for that wasteful feeling. When asked what else they would rather spend their wedding budget on 31% said buying a property, 26% said raising a family, 14% want to go travelling and 12% would equally prefer to invest in education or buy a new car.
It does seem that couples budgeting for a wedding are prepared to risk a little family outrage as over 30% of respondents said they would potentially use their wedding day to their advantage by asking guests to buy a ticket instead of a normal gift.
Attitudes to modern technology were also explored with 22% saying the prospect of live streaming their wedding ceremony on a platform such as Facebook was worth considering however, 45% of respondents still said it would not be considered.
The internet is full of fantastic ideas for getting married at low cost so if couples can achieve this, keep everyone happy and have enough money to tackle more pressing financial concerns such as getting on the property ladder or starting a family then that might perhaps be considered sensible financial planning.
*Uk average cost of wedding £27,161 provided by Hitched Annual wedding report 2017