Weddings 'Increase Financial Stress' For Guests And Couples
by: Arouse
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Research carried out by CreditExpert has indicated that the average consumer spends 386 Pounds for someone else's big day on areas such as gifts, clothes and accommodation - a figure which could impact upon their ability to make repayments on Personal Loans, credit cards and other forms of borrowing.
Stag and hen parties were reported to be the most costly expense, accounting for some 130 pounds of this total. However, according to the findings a number of Britons are shelling out begrudgingly and so incurring debt management difficulties.
Jim Hodgkins, managing director of CreditExpert, said: "Weddings are a time to celebrate but it's clear that people are increasing their financial stress and spending money they don't have simply in order to be there."
He added that although weddings costs are often underestimated by both those getting married and their guests, consumers who are "still burdened by student debt" and first-time buyers were said to be the ones facing most financial stress in meeting essential costs and making loan repayments as a result of going to weddings.
Figures from CreditExpert also showed that that almost half of Britons (45 per cent) have felt pressured by their friends and family to attend a ceremony. More than one in four guests at a wedding taking place overseas were reported to be resentful about attending.
The study also indicated that 1.6 million Britons - about six per cent of the entire population - have run up debts just to be able to attend a wedding. However, for those from London this proportion was reported to have risen to nine per cent.
Meanwhile, three per cent of people living in the capital had admitted to spending between 400 pounds and 500 pounds on a wedding gift, compared to the national average of 70 pounds.
Some 15 per cent of those over the age of 65 were said to have refused attending a wedding if they thought it would be too expensive - the highest proportion noted among any age group. However, about one in 20 (seven per cent) of consumers aged at least 65 claim to be prepared to spend more than 500 pounds on a wedding present.
Britons could also be running up debts when it comes to their own wedding. The findings revealed that Britons are underestimating the cost of their big day by about 8,000 pounds - as respondents believe getting married will only set them back by 9,000 pounds instead of the actual average cost of 17,000 pounds.
Last week, a study by moneysupermarket indicted that the majority of couples well look to borrow money to finance their big day. According to the research, 41 and 15 per cent of potential brides and grooms will opt for credit cards and personal loans respectively to help meet various wedding costs such as entertainment and food, reports Sky News.
About a quarter of those who got married in 2002 were said to be currently making repayments for debts run up during their marriage.
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About the Author
Abbi Rouse writes for 1 stop finance shop where visitors can apply for UK debt consolidation loans. We also focus on cheap personal loans and bad credit loans for UK residents.
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