For Richer or poorer - average wedding savings less than £3,000
It’s reportedly costing millions with a guest list straight off the pages of Who’s Who, but as Royal Wedding fever hits the UK, Yorkshire Building Society data shows that the average UK bride and groom have somewhat more modest wedding ambitions than Harry and Meghan.
Data from the mutual shows that the average savings account set up to put away money specifically for the big day contains just £2,800, a far cry from the royal couple’s reported £32m spend on their lavish Windsor bash – of which at least £20m is estimated to be spent on security.
The data also revealed that many wedding savers seemed to have some way to go in order to reach the average UK wedding cost of £27,161. Just 2% of savers had £27,000 or more in their account and nine out of ten wedding savers had a balance under £10,000.
The research also showed that, like Meghan and Harry, many couples may be getting a little family help with the cost of tying the knot – 28% of all accounts set up to save for weddings were held by over 55s.
Louise Halliwell, Senior Savings Manager at Yorkshire Building Society, said:
For better or worse, royalty have little choice in spending big when it comes to weddings – they have diplomatic and conventional considerations that most couples don’t have to think about, and security is obviously of critical importance, with the bill for this alone totalling many times the actual cost of the wedding. Given this, and also that people from around the world will be watching Meghan and Harry with certain expectations, it is perhaps understandable that the total bill will be far larger than the average wedding cost.
Although it’s traditional for the bride’s family to foot the bill, these days most couples will pay for the big day themselves, saving for months or years to achieve their dream day. However, many couples find that families of both brides and grooms can be very generous and may also want to make a contribution.
It’s good to see that couples – and families – are prepared to save, rather than borrow, to fund the cost of their wedding. We’d encourage anyone who is getting married to take the approach of working out a realistic budget and how much they need to save each month towards it, then making sure that they stick to this figure. Beginning married life in debt because of overspending on the big day is unlikely to lead to the happy ever after most couples dream of when they tie the knot.