Figures from CreidtExpert suggest that consumers in the UK believe tying the knot will cost them around £9,000, despite the average pay out for a wedding standing at close to £17,000.
In addition, the latest research shows that more than 1.6 million people across the country have gone into debt to attend a wedding ceremony.
“Weddings are a time to celebrate but it’s clear that people are increasing their financial stress and spending money they don’t have simply in order to be there,” says Jim Hodgkins, managing director of CreditExpert.
“The cost of getting married and attending other people’s weddings is often underestimated, but it’s a significant outlay.”
Credit Action research shows that the overall debt management burden in the UK increases by around £1 million every four minutes.