Personal finance experts reveal that the amount of money Brits borrowed for weddings plummeted in 2017. With royal nuptials on the horizon, the personal finance experts at moneyguru.com have revealed that the amount of wedding loans taken out has plummeted over the past twelve months.
Moneyguru.com has found that couples borrowed over £18,000 on average towards their wedding in 2016 but in 2017 this dropped to just under £15,500.
Wedding loans dropped from 2016-2017
With a recent survey* also revealing that more than half of married Brits say they regret spending so much on their wedding; is the age of the fairytale wedding over? Well maybe so. Wedding experts predict that in 2018 we will see weddings getting smaller with just one maid of honour and two bridesmaids making up the bridal party.**
This thrifty outlook even extends to the latest Royal couple. Prince Harry and Meghan Markle’s ceremony is no doubt going to be an exciting affair on the 19 May but even this celebration is slightly more subdued to those we have seen in the past. Snubbing St Paul’s Cathedral and Westminster Abbey, the chosen venues of his parents and brother, Prince Harry will instead wed in an intimate ceremony at St George’s Chapel, Windsor Castle with a fraction of the guests that a royal wedding would usually expect.
So if we are borrowing less money for weddings, what are we taking out credit for? The study by moneyguru.com also uncovered that Brits are taking out more credit for family and special occasions, which could include hen and stag parties, with a rise of over £1000 in the average amount borrowed from 2016 to 2017.
In 2017 GoHen.com found that while groups are getting smaller it would appear that individually we’re spending more on our accommodation, nightlife and activities while away. The average spend per group for a stag party was 50 percent more in 2017 than 2013 with hen parties spending 28 percent more per group in 2017 compared to 2013.***
It may seem impossible but it is possible to get married without breaking the bank. Remembering the reasons why you agreed to marry, cutting out unnecessary expenditure, doing much of the organising yourself and using the talents of your friends and family will all keep costs to a minimum. Check out how to get married for under £1000 and rediscover the path to financial enlightenment here.
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