People choosing budget weddings to save money

Couples in the UK are cutting back on the cost of their wedding in order to save money, according to new research by the Money Advice Service.

The …

Couples in the UK are cutting back on the cost of their wedding in order to save money, according to new research by the Money Advice Service.

The survey, which questioned 2,075 adults, asked individuals how much they spent on clothing, food, drink and entertainment, but did not include the major one-off purchases such as rings and the honeymoon.

It found that one in three weddings or civil ceremonies surprisingly cost less that £1,000 as people stop splashing out on lavish events.

Close to three in five of co-habiting couples that are yet to tie the knot estimate their big day would cost between £5,000 to £15,000 and saving for this sum is affecting their decision to say "I do".

In reality, six out of ten couples who have got hitched said their wedding cost less than £5,000 as they re-assessed their finances and made relevant cutbacks when planning the day.

However, two-fifths still admitted that it cost more than they had planned for, with one in five underestimating the cost of food and drink, while a sixth were caught out by the figure needed to cover services like photography and filming.

Meanwhile, ten per cent found outfits for the wedding, venue hire costs and flowers all totalled more than they had first thought.

One of those interviewed by the Money Advice Service said they were looking into going abroad for their wedding as it was a cheaper option.

Interestingly, only one in three couples footed the full cost of their big day with others being forced to rely on family contributions. One in seven ceremonies are paid for in full by either the parents of the bride or groom.

This could cause a problem to the parents as they may be struggling with personal debt of their own and a large expenditure on their child's wedding could seriously harm their finances.

Weddings are becoming a major expenditure for couples and, although they can bring with them tax benefits, the initial cost is becoming a stumbling block for many.

By James Francis

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