At a time where weddings are becoming more and more competitive, it’s no surprise that costs too are on the up. Recent research, by personal loans company Likely Loans, has revealed that many believe that the most they would spend on a wedding to be in the region of £10,000. In reality, wedding costs soar to an average of £27,161.
Calculations have shown that in 2018 some estimated 16,000 couples are expected to turn to credit or to take out a loan to finance at least part of their perfect day. The investigation has uncovered that whilst 20.9% of men wish that, in hindsight, they had splashed out much less on their wedding, 14.5% of women regretted not spending enough. Of course, this could be partly due to the additional costs all would-be grooms have to cover, as even before the bride-to-be has even accepted the proposal, there’s the substantial cost of the engagement ring to consider.
Aspects such as the dream dress, a professional photographer, an extravagant cake and wedding bands for both the bride and groom can all add up, but the study has shown that men and women often have different priorities when it comes to the big day. When it came to the honeymoon, both men and women voted this to be their number one priority, and many couples now ask for monetary donations in place of gifts to cover the cost of this element.
The difference in opinion amongst the age groups could not be more vastly different. The survey showed that it was the 25-34 year-olds who are the most likely to turn to a loan or credit card to cover the cost of their big day, whereas those falling into the 45+ category would not or have not. When it came to rating the importance of key elements of their wedding, those who were 65+ deemed the engagement ring to be the most important factor, whilst for the younger generations the honeymoon claimed number one spot.
Despite Londoners claiming the crown of being the biggest spenders on weddings, 40% of those living in Bristol and Belfast were the one’s wishing they’d spent less. Belfast also joined Sheffield bride and grooms as the locations that were most likely to take advantage of either a loan or credit card to cover their wedding day expenses.
Kirsty Spickett at Likely Loans commented on the results of the survey: “Every couple want their special day to be one to remember, not just for their guests but for themselves too. Unfortunately, more often than not, this comes with a hefty price-tag – even if you do opt for the understandably popular homemade wedding. “Naturally, not everyone is lucky enough to have vast amounts of savings (or the bank of Mum and Dad) to fall back on for such occasions, and whilst you’d hope to be able to cover the majority yourself, it’s not always possible to do so. This survey has certainly helped to highlight the need for personal or specially tailored wedding day loans, as they can certainly make having your dream wedding a reality for many.”