We all know that getting hitched can be the most costly time of your life. But what impact does a wedding actually have on ours and our guests’ bank accounts? Here are 10 rather eye-opening facts about the cost of weddings and how it affects our relationships and purse strings.
1. Nearly a quarter of us have argued with our partner about the cost of a wedding
That’s right, around 22% of us have fallen out over another couple’s nuptuals. Whether it’s the cost of buying an outfit, the money you have to squirrel away to afford a hotel, or the annual leave you’re having to sacrifice for the bride and groom-to-be, it’s a bone of contention within almost 1 in 4 relationships.
2. One in every 20 wedding guests has had to borrow cash to be able to attend a wedding.
That’s 5% of us – which is a lot of loans and I O Us…
3. Of those 1 in 20, 78% have had to formally borrow credit to cover the cost of weddings.
Most of us (44%) put it on our credit card, but we also opt for formal loans (17%), overdrafts (17%) and tapping into our savings (12%)
4. 1 in 6 of us miss our loved ones’ wedding because we cannot afford to go.
This is the equivalent of more than one guest per table missing out on their friends or family’s big day. The number of singletons who have declined invitations is half that.
5. More than one in 10 people have spent over £800 on the cost of weddings.
That’s 11%, which is again, actually less among single people (only 6%).
6. Around 4% have spent more than £2,000 on other people’s weddings over the past year.
That’s the equivalent of a holiday or two…
7. Almost 1/3 of people who borrow money to cover the cost of weddings don’t know how they’ll pay it back.
8. Eight in 10 couples choose to split the cost of weddings that they attend together.
That’s around 77% of us. The remaining 23%? Well they’re either very persuasive or I guess they foot the bill next time. One in five also foot the entire bill if it’s for their own friends and family.
Until next time x
This list was compiled in association with Experian, the UK’s number 1 credit referencing agency. For more information and advice, visit their dedicated Money & Relationships Guide to help with managing your finances. You can also visit their website for general finance help and advice at Experian.co.uk. You can also follow them on twitter @ExperianExperts and visit their Facebook page.