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Getting hitched? You’ll need to save for 2 years

Tahmina Mannan
Written By:
Tahmina Mannan
Posted:
Updated:
24/01/2013

Newly-engaged couples should prepare to save and scrimp for at least two years on average to be able to afford their wedding day, according to the Post Office.

The report highlighted that, following a recent flurry of festive proposals, UK couples need to save an average of £9,667 to cover their contribution to the cost of their wedding.

For one in 30 couples, this figure reaches in excess of £30,000.

Stewart Fox-Mills, head of marketing at the Post Office, commented: “Our research shows that many couples are having to take part or, in some cases, sole, financial responsibility for their wedding so it’s important that partners invest in a good savings account to be able to afford the wedding of their dreams.”

A third of those planning on tying the knot say they will be paying for their wedding entirely from their own pocket, while over a half will need to call on the ‘bank of mum and dad’.

As saving for the big day becomes increasingly more difficult, seven out of 10 couples claim they would rather ave a smaller wedding and save on the cost, and to put the savings into a life together.

Couples are also moving away from the traditional wedding gift list, with one in seven saying they would favour money to put towards a deposit on a property purchase.

A further 13% of couples would prefer cash for their general savings account rather than gifts.

Fox-Mills added: “Asking for money instead of wedding gifts may not be romantic but it is a sensible idea as couples look to get their foot on the property ladder.”

Almost half of all couples also admit that they would ditch marriage all together to be able to afford getting on the property ladder.


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