Savvy couples request money over wedding gifts amid cost of living crisis
Savvy couples are looking to use wedding gifts to invest in savings amid the cost-of-living crisis, new national research has revealed1.
The survey, conducted by Coventry Building Society discovered almost a quarter of newlyweds (24%) put money received as a wedding gift straight into a savings account, with more than one in ten couples (15%) using money to pay off wedding debt straight away. What's more, over half of respondents (57%) just want money as their wedding gift, opting for financial safety over traditional gift giving (43%).
The UK-wide study was carried out following the first UK Wedding Fayre of the year, the National Wedding Fayre: Coventry Building Society Arena, which took place last weekend. Research from Coventry Building Society which sponsors the arena also reveals that Brits are spending less on their special day, since the cost of livening crisis hit with the average cost of a wedding dropping to £10,348 compared to £18,000 in 20222 One in five couples (21%) resort to borrowing money to pay for their big day, with 37% of these borrowing from the bank of mum and dad and 21% using a loan or credit card to provide financial support. Despite this, around a third of couples (33%) admit to spending more than their allocated budget, with rising costs of services such as food and drink (36%), venue hire (26%) and flowers (21%) the biggest surprises leading to overspending.
Regionally, those living in the capital expect to pay the most for their wedding day, with Londoners forking out £13,649 on average. At the opposite end of the scale, those living in Leeds aim to keep costs low on their big day, with couples spending an average of just £5,650. Jon Wilson, Savings Manager at Coventry Building Society, said: "Our research shows that now, more than ever, couples are looking towards financial gifts on their wedding day in attempt to balance the books after their big day.
"At a time when savings are one of the biggest concerns for Brits amid the cost-of-living crisis, newlyweds are opting to put money straight into their savings account after their wedding, rather than splurging on a honeymoon or other significant costs.
"There's a competitive range of savings accounts across the market that can suit all types of saver that can often be opened with as little as £1. Whether it's saving a lump sum to put money down on a first home following their wedding, or saving little and often for a rainy day, couples that take a few minutes to shop around will soon find the right accounts for them."
The National Wedding Fayre, Coventry Building Society Arena, is an annual event which showcases the latest bridal and formal wear fashion and give couples the chance to book everything for their big day all under one roof.
For further information on Coventry Building Society, visit the website here.
From ‘I do’ to ‘we own’: Five tips for newlyweds getting mortgage-ready
The wedding bells have rung, the honeymoon is over and married life is getting underway. For many newlyweds, the next exciting milestone is finding a place to call their own. Whether you've been renting, living separately or staying with family before tying the knot, buying your first home together is a big step. But just as planning the perfect wedding comes with its challenges, navigating the mortgage market and getting onto the property ladder as a newly married couple can bring its own set of hurdles. Tanya Elmaz, managing director of intermediary sales at Together, shares her five top tips for newlyweds looking to make their property dreams a reality.
READ ARTICLE
5 fun ways to celebrate a hen or stag do without a big night out
If you're planning a celebration that doesn't revolve around drinking, there are plenty of ways to make it fun without sticking to the usual formula. Jak Kennedy, adventure events coordinator at MadMax Adventures, shares five alternative hen and stag do ideas for couples who want something a little different. For couples who want something a bit more exciting than the usual night out, activities such as quad biking and 4x4 off-roading are a great way to get everyone involved. It's a chance to try something new, have a bit of friendly competition and make memories together before the wedding
READ ARTICLE
Why more couples are choosing whole-house weddings over traditional venues
Dan Harley, founder of Group Escape Houses, explores why more couples are choosing to celebrate their wedding in a private house rather than a traditional venue. From Friday to Sunday, exclusive-use houses offer the chance to bring family and friends together under one roof for an entire weekend of celebrations. With accommodation for guests, space to host the wedding and the freedom to enjoy time together beyond the big day, this relaxed approach takes the pressure out of traditional wedding logistics. Group Escape Houses lists large properties across the UK, and after more than 20 years in the group celebrations industry, the team has seen growing interest in whole-house wedding bookings.
READ ARTICLE
Celebrant vs registrar vs humanist celebrant: what's the difference?
Celebrant vs registrar vs humanist celebrant: What's the difference? Ceremony Master explains... Choosing who will lead your wedding ceremony is an important decision, but understanding the difference between a registrar, an independent celebrant and a humanist celebrant can help you decide what's right for your day. From the legal requirements of getting married to creating a personal, meaningful ceremony that reflects your relationship, each option offers something different. A registrar takes care of the legal civil marriage, while an independent celebrant can create a bespoke ceremony tailored to your story, preferences and values. A humanist celebrant also leads a personal ceremony, but one rooted in humanist beliefs and a non-religious outlook. The important distinction is that not every celebrant is authorised to legally marry a couple, and the rules vary across the UK
