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.
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