The cost of being a wedding guest
By Gem - 22:58:00
The chances are that you’ve attended a wedding or two over the summer season and perhaps have more to attend as the year draws to a close for those who prefer a winter wedding. Have you ever considered how much you’ve spent attending weddings over the years? Have you ever argued with a partner about attending a wedding? Experian’s latest survey suggests that the cost of weddings is causing stress for many couples, and not just for the bride and groom. In fact, almost one in four couples in the UK have argued with their partner about the cost of witnessing friends and loves ones tying the knot.
Managing
your finances and your relationship can be very tricky – when it
comes to both organising and attending weddings, moving in together or just
life in general. Experian’s latest survey suggests that the rising cost of being a wedding guest is causing friction for many couples, and not just for the bride and
groom. In fact, almost a quarter of Britons have argued with their
partner about the cost of witnessing others tie the knot.
The
findings also reveal that one in six people who are in a relationship are
missing the nuptials of loved ones because they cannot afford to attend. This
equates to more than one guest at each table.
More
than one in ten people in relationships have spent over £800 each on
attending weddings. Meanwhile almost a million Brits, report having spent more than £2,000
participating in other people’s weddings over the last year! Costs can escalate even further when you attend stag and hen dos overseas. You need to factor in a fancy outfit, accommodation, transport and even the gifts. I've got a headache just thinking about attending a wedding. If you forget to look at the gift list and panic purchase the week before then only the more pricey items are left. You end up spending way too much money on a dress you can only wear a handful of times and we all feel the strain to compete with others and we purchase things we can't really afford.
People don't tend to stay in the same town all of their lives anymore. People move away for university and meet partners there, meet people online or through work and resettle far away from their hometown. Going to your best friends wedding can mean flying to another country or driving 200 miles away.
People don't tend to stay in the same town all of their lives anymore. People move away for university and meet partners there, meet people online or through work and resettle far away from their hometown. Going to your best friends wedding can mean flying to another country or driving 200 miles away.
James
Jones, head of consumer affairs at Experian, commented: “Attending the
wedding of family and friends should be great fun. However, for many
‘wedding season’ has become a source of financial pressure and domestic strife.
The research suggests that at each UK wedding, there is an average of one
person missing because they cannot meet the spiralling cost of attending
nuptials – an obvious disappointment for hosts and guests alike.
“While
racking up debt has often been seen as the price to pay for holding the wedding
of your dreams, it now seems that many guests are also suffering financial
stress. Sitting down with your partner to put some thought into your budget
at the beginning of ‘wedding season’ is advisable. Discussing not just how much
you can afford, but also how you’re going to pay for it can help avoid
arguments in the run up to the big day and make sure you come out the other end
without a nasty financial hangover.”
The
research goes on to reveal that one in 20 guests have had to borrow money
in order to attend a wedding.
A whopping 78% of people have formally borrowed money, including:
· 44%
have had to use their credit card, increasing to a surprising 62% amongst 45-54
year olds
· 17%
extended their overdraft
· 12%
have tapped into their savings
Worryingly,
almost one in three of those borrowing money to attend weddings have no
clear plan to pay it back or have never even thought about it. The trend is
even more concerning in some regions. In the North East, the number jumps to
80%, while 74% of people in East Anglia have not considered the long term
consequences of borrowing. I don't know about you but all these figures have got me considering an elopement... maybe not. My mother would be devastated if she didn't get to see me get married.
Managing your finances and your relationship can be a tricky balancing act – when it comes to attending weddings, moving in together or just life in general. Here are the top five dos and don’ts for financial harmony:
Do
|
Don’t
|
*Research provided by Experian |
2 comments
You rocked those polka dots, with Alex. I wonder which wedding that was? ;)
ReplyDeletex x x
Very interesting post. I can see a trend forming on your blog and I like it! Most bloggers like to talk only about the positive parts of life so it's great to see such honest, helpful and also very relatable posts! Not that this post is negative though!
ReplyDeleteI also love both of your outfits, especially the shoes! :)
Abi xx
lifewithbicks.blogspot.co.uk
Thank you for leaving a comment, feel free to ask me any questions here or on twitter- @Gemma_DS.