Over a quarter of couples don't set a budget for their wedding day
Equifax research highlights how is easy it is for the cost of the big day to escalate
At the height of the wedding season, new research from Equifax, the credit information provider, has revealed that the heart might be ruling the head when it comes to organising the big day. Over a quarter (29%) of Brits who got married in the last ten years admitted they did not set a budget for their big day and 16% felt that they spent too much on their wedding. Worryingly, 12% said they don't know exactly how much they spent. Equifax is suggesting that couples should keep track of the spending for their big day in order to avoid a nasty surprise at the end of the honeymoon.
The latest research shows just how easy it can be for couples to spend more than they can actually afford and risk getting into debt. Whilst half of respondents (51%) who know how much the day cost spent less than £5,000 on their wedding, nearly a quarter (23%) admitted to spending between £5,000 and £10,000. 16% splashed out £10,000 to £15,000 and just 1% spent over £25,000. Although 16% thought they spent too much on the wedding, most (71%) think they spent the right amount.
When it comes to funding their nuptials, 62% of Brits said they saved up to pay for the big day; 44% had financial assistance from relatives. However, over a third (38%) used their disposable income, with 14% paying for the special day on credit and 4% using a bank loan.
Lisa Hardstaff, credit information expert at Equifax comments, "It's encouraging to see that the majority of couples save up for their wedding celebrations, which means they are more likely to have a grasp on how much they are spending.
"The worry is that with nearly a third (29%) not budgeting, and some of those could be using credit cards and bank loans to cover their expenses, there's a risk of the costs escalating. Everyone wants to have a special day, but it won't feel very special if newlyweds are worried about mounting interest on their wedding expenditure.
"We suggest that couples set a wedding budget and stick to it, as that's the best way to ensure they can have a celebration they can afford and start married life in the best financial position."
* All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2039 adults of which 265 got married in the last 10 years. Fieldwork was undertaken between 20th-21st July 2017. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
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Equifax, Inc. ("Equifax") powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyses data on more than 800 million consumers and more than 88 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015). For more information, visit www.equifax.com
Equifax Limited is one of the Equifax group companies based in the UK.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.