For richer, for poorer for today’s brides (and grooms) to be
3 June 2010
- Couples are now more likely to pay for their wedding than their parents
- Of all UK cities, couples in Cardiff receive the most financial support for the big day from their parents
- Couples put an average of £4,700 of their own money towards their wedding
- It takes an average of 10 months to save up for the big day
It seems that the days when the bride’s parents would pay for her wedding are gone as research from Tesco Bank reveals that couples are now more likely than their parents to be footing the bill for their big day.
Just over half of all UK couples (52%) now pay for the majority of their wedding costs from their own pocket. Less than a third (27%) of bride’s parents these days fulfil the traditional role of paying for the majority of the day’s costs.
Comparisons across the country reveal that mums and dads in Cardiff dig deepest into their pockets, with nearly two thirds (61%) funding most of the expenses.
Top five cities for parents paying for their children’s wedding
Rank City % paying for their children’s wedding
1. Cardiff 61%
2. Leeds 57%
3. Portsmouth 56%
4. Oxford 55%
5. Manchester 54%
At the opposite end of the scale, today’s most financially independent brides and grooms are those from Norwich, where 64% pay their own way for their big day – way ahead of the national average of 52%.
Top five cities for couples paying for their wedding
Rank City % paying for their own wedding
1. Norwich 64%
2. Birmingham 56%
3. Plymouth 56%
4. London 55%
5. Brighton and Hove 55%
When it comes to saving for the big day, couples spend an average of 10 months getting their finances in order and are putting an average of £4,700 of their own money towards their dream wedding.
Holidays and meals out are the first cutbacks couples are likely to make in order to afford their perfect wedding day, while a third (32%) are bringing their own lunches into work and having their morning coffee at home, rather than buying on the go.
Jeremy Sutton, Head of Savings & Investments at Tesco Bank said,
“Planning your wedding day can be quite stressful, particularly when it comes to managing finances. Saving regularly each month can really make a difference. Our research shows that most couples are cutting their cloth in the run up to the big day by saving money where they can.”
For regular savers looking for instant access accounts, Tesco Bank offers two accounts with no hidden charges and no restrictions on the number of withdrawals made for various wedding expenses!
- Tesco Instant Access allows customers to save as they shop. As well as managing the account online or over the phone, customers can top up their savings by depositing cash and cheques while doing their weekly shop (excluding Express and petrol filling stations), with the convenience of weekend opening hours.
- With the Tesco Internet Saver, customers can manage their account online and benefit from Tesco Bank’s highest saving rate. Once registered for online banking, customers can check their balance 24 hours 7 days a week and make secure online payments to another bank or account.
For more information and media enquiries please contact:
Tesco Bank press office
+44 (0) 131 274 3630
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. WTesco Bank participates in the Chartered Banker Professional Standards Board.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ