An Experian study has revealed that one in four Britons have argued with their partner about the cost of watching others pledge their love and say “I do”.
With the cost of attending a wedding spiralling at an unprecedented rate, it is perhaps not surprising that a recent study has revealed that one in four Britons have argued with their partner about the cost of watching others get hitched
The survey, conducted by Experian, found that for an increasing number of couples, wedding season is becoming less a time for fun and celebration, and increasingly a time of financial and domestic pressure.
The research also revealed that one in six people in a relationship (17%) have been forced to miss the wedding of a loved one based on the simple fact that they cannot afford to attend – this is double the number of single people (8%) who have declined invitations.
James Jones, Head of Consumer Affairs, Experian, said: “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.”
The cost of attending a wedding seems to be considerably higher for couples than singles.
According to the survey, more than one in ten people in relationships (11%) have spent more than £800 each on attending weddings, compared to just 6% of single people.
And, with the cost per wedding guest escalating, more and more of us are having to borrow funds in order to attend a wedding.
The research revealed that one in 20 guests (5%) have had to borrow money in order to attend a wedding.
Of those, 78% had to formally borrow funds including 44% who borrowed via a credit card, 17% who took out a formal loan, and 12% who tapped into their savings.
Managing your finances and your relationship can be quite a balancing act.
It’s easy to see why the annual wedding season is putting UK couples under more pressure than ever before.
With this in mind, it’s more important than ever before that couples ensure they are financially strong and address any issues in the most appropriate way.
In a bid to offer a helping hand, Experian has launched a Money & Relationships Guide to offer help and advice in jargon free, easy-to-understand English.
All of the eye-opening guides are available online and offer a great source of information when it comes to understanding issues such as how credit referencing works, the good, the bad, and the surprising when it comes to managing your finances in order to get what you want in life.
Picture courtesy of Eduardo Llanquileo, with thanks