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.
Swansea has been named one of the best food destinations in the UK
Swansea has been named the UK's fifth best food destination outside London, putting it ahead of Worcester, Newport, Wrexham, Perth and Brighton & Hove in a new city-break ranking. The Welsh city was placed inside the top five after analysis by travel specialists at Ski Vertigo which compared recent restaurant rankings, review data and current dining guide credentials across more than 60 UK cities. Birmingham took the overall crown, but Swansea's position gives the city a clear food-led break hook for travellers who want a cheaper and easier alternative to the capital. London dominates the UK for sheer restaurant volume and high-end dining, but the ranking looked beyond size alone, comparing the ratio of five-star rated food spots to total venues alongside wider guide recognition.
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The British Wedding Tradition Most Guests Never Question
Most wedding guests have heard the phrase "wedding breakfast", but very few stop to question it. After all, the meal is rarely served in the morning. It usually comes after the ceremony, often in the afternoon, and can involve anything from a formal three-course dinner to sharing boards, canapes, grazing tables and dessert stations. So why do we still call it a breakfast? According to Nick from Country House Weddings, the answer goes back centuries and is tied to religion, fasting and the way weddings were once celebrated in Britain. Breaking A Very Specific Fast The word "breakfast" does not originally mean a morning meal. It simply means breaking a fast.
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Rising Stars of Welsh Food and Drink Making Their Royal Welsh Food Hall Debut
An array of new Welsh food and drink businesses are featuring in the Food Hall at this year's Royal Welsh Show (July 20th-23rd). From concept to counter, the Cywain Programme has provided the launch pad for countless up-and-coming food and drink producers, eager to showcase their products to a broad audience. Four different producers will take to the stand per day, each bringing their unique style and flavours to an audience looking for something new. Cywain is a Food & Drink Wales programme funded by the Welsh Government, working with food and drink producers across Wales, helping them grow and develop their businesses. Support is offered in various areas, including marketing, brand development, sustainability, and finance.
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Yankee Candle - quick on sale now!
If you're looking for thoughtful gifts for your bridal party or stylish wedding favours, now is the perfect time to shop. A selection of Yankee Candle fragrances is currently available at 30% off on Amazon until 10 July. The discounted range includes romantic favourites such as Wedding Day, alongside fresh summer scents including Cherry Blossom, Sage & Citrus, Tangerine & Vanilla, Red Raspberry, Fluffy Towels and Lavender Vanilla. Those planning autumn or winter weddings can also stock up on seasonal fragrances including Warm Cashmere, Autumn Wreath, Christmas Cookie, Snow in Love and Mistletoe.
