Average wedding costs over £52,000

Close up of wedding cake figurines on stacks of coins
Close up of wedding cake figurines on stacks of coins



The average amount the bride and groom pay for their wedding has hit £21,000. However, that's just the tip of the iceberg. When you take into account everything that's forked out by everyone - including the guests - the whole shebang costs an eye-watering average of £52,000.

Research by Sainsbury's Bank, found that bride and groom are shouldering an impressive financial burden. The average spent on the wedding overall is £13,200, but younger couples (who are more likely to be tying the knot for the first time) spent an average of £21,109.

The cost of going to a wedding is astronomical too. The average person spends £400 when everything from the gift to the outfit and accommodation is factored in. The average bride and groom invite 92 people - taking the total cost of the wedding north of £52,000.

Borrowing

Unsurprisingly, the bill for getting married is way more than most couples can afford, and the average amount borrowed for a wedding is £8,936. While the average time taken to pay the wedding debts off is four months, this is hiding some significant outliers. Younger couples spend an average of 20 months paying off the wedding, while 4% take between one and two years to pay their debts, and 3% take between two and three years.

Astonishingly 6% of people have been separated or divorced while they were still paying off their wedding debts.

Simon Ranson, Head of Banking, Sainsbury's Bank says: "Loans are a popular way to fund a wedding but credit cards provide another option. For example, there are cards available offering no interest on purchases – including ours which offers 27 months. If you take out one of our cards, make sure you pay the balance off in the promotional period to avoid paying any interest."

This could be an effective approach for those who will be able to repay their wedding costs within 10 months - provided they can guarantee that they will have the discipline not to see the credit card as an excuse to spend more than they were planning, and that they have the discipline not to use the card for anything else. It's also essential to be completely honest with yourself about whether you will definitely be able to repay the debt during the interest-free period, to avoid racking up interest when your repayment schedule slips.

If you need to borrow, and you expect to need to borrow for longer than an introductory period will allow, you may be better with a low-cost loan or a credit card with a lower rate for the long term.

The alternatives

There are however, two alternatives that any couple should seriously consider before they borrow a penny.

First, they should look at cutting costs. There are plenty of couples who have spent the bare minimum on a registry office and going for a few drinks with family and friends, and still had a brilliant day to remember. Even if they want a fairytale wedding, as we wrote this summer, there are plenty of ways to have everything from the castle to the designer dress without spending more than £5,000.

And second, if they really want the extravagant and glamorous kind of wedding that costs £21,000, they have the option of saving for it in advance. Not only will this save them a fortune in interest, and avoid the horrors of the debt lasting longer than the marriage, it could also help them spend far less.

Couples who save, are far more likely to feel the value of the money they spend, so are likely to seriously consider whether they need an expensive veil, or a pricier starter, while the couple who are borrowing, just stick it on plastic and don't think twice.

But what do you think? Is a fairytale wedding worth paying for? Or is it all a horrible waste of money? Let us know in the comments.


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