Couples Get Wedding Saving Savvy
17 April 2011
- Two thirds of engaged couples set a £10,000 wedding budget
- Couples in London and Liverpool are the highest wedding spenders
- Average couple plans to save £5,200 for their wedding
- One in five couples save for a minimum of two years
Today’s engaged couples are taking greater financial control over their wedding. With nearly two thirds (61%) footing the majority of the costs themselves, they are saving more and spending less ahead of their big day, according to research from Tesco Bank.
The research highlights a shift in the way in which weddings are paid for. While 27% of married couples surveyed had the majority of their wedding paid for by the bride’s family, just one in five (20%) of those due to marry will do so with the same level of financial support from the bride’s family.
With the financial responsibility resting on their shoulders, over two thirds of couples polled in the survey (69%) are planning for a budget of £10,000 or under – half the figure of last year’s UK average wedding cost*.
Comparisons across the country reveal that Londoners set the highest budget for their wedding – an average of £13,418 – closely followed by Liverpudlians who set a budget of £10,479. At the other end of the scale, couples in Aberdeen are keeping the tightest grip on the wedding purse strings, budgeting just £5,070.
Top five cities with biggest wedding budgets
Rank City Average wedding budget
1. London £13,418
2. Liverpool £10,479
3. Southampton £10,198
4. York £10,135
5. Leeds £9,923
Top five cities keeping their spending in check
Rank City Average wedding budget
1. Aberdeen £5,070
2. Norwich £5,313
3. Bristol £6,587
4. Leicester £7,417
5. Plymouth £7,571
On average, engaged couples plan to save £5,200 towards their wedding, setting up a specific savings account (35%) and planning to save up for over a year (70%). One in five (19%) still have to put money aside for a minimum of two years in order to pay for their big day.
David McCreadie, Managing Director for Banking at Tesco Bank said,
"Getting married may be the best day of your life but it can also be the most expensive. Our research suggests that, as couples take on greater financial responsibility for their wedding costs, they are also becoming more realistic with how they spend their money and taking time to save up enough cash.
"Even though over 80% of married couples say that they were able to keep their wedding within budget, it is always worth setting aside a contingency of 10-15% just to avoid any surprises."
Wedding Saving Tips:
- Sit down with your partner and set a realistic wedding budget, including contingency planning.
- Work out from this budget how much you will need to save ahead of your wedding day and agree to save a regular amount each month into a savings account.
- Look at your current monthly outgoings. Are there any areas you could cut back on to save some money? Tesco Bank research shows that holidays and meals out are the first cutbacks to be made while one in five (22%) give up their trips to coffee shops to help make a few savings.
- Set up a specific savings account. Look for a high interest account and, if you are worried you may be tempted to dip into your savings, you could consider an account that locks your money away for a fixed one or two-year period.
Research carried out by 72 Point Ltd, on behalf of Tesco Bank. Total sample size was 2,334 adults (1,929 married and 405 engaged). Fieldwork was undertaken between 25th February and 3rd March 2011. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
*You & Your Wedding magazine’s National Cost of a Wedding Survey 2010 published in December 2010.
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. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco 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