Weddings can end up costing much more than people bargain for and, with the National Wedding Show about to open in London, www.weddingguideuk.com has revealed just how much a wedding is likely to impact a couple’s bank balance.
www.weddingguideuk.com, which offers money-saving tips, states that marriage is regaining popularity in the UK, and that civil partnerships have also added to revenues for those in the wedding industry.
With the average cost of a wedding dress totalling £700, the cake costing £200, and the reception at £4,250, couples are often surprised how much their big day is likely to set them back.
Jason Hollands, head of group communications for investment company F&C, looks at the reasons behind the huge expense incurred.
He said: "Spurred on by high profile celebrity weddings, the pressure on couples today to impress their guests with a lavish bash and a honeymoon in an exotic far-away location has seen the cost of the average UK wedding rise to a staggering £11,000.”
He added that many couples will actually spend far more than this. Furthermore, rather than relying on the bride’s parents to cover costs as tradition has it, a high proportion of couples are now footing most of the bill for their wedding.
“The high cost of a wedding has meant that more often than not the bride and groom will shoulder most of the expenses, often on credit,” said Mr Hollands.
“The financial burden means that many couples, some of whom are already struggling with mortgage repayments, can feel under a lot of stress. It is essential that you start saving early," he added.
Mr Hollands said that the introduction of Child Trust Funds in 2004 could help parents prepare more for events such as weddings. He said that, although stock market investment is riskier than cash or fixed income, equities have historically outperformed both cash and fixed-income investments over time.
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