Experts reveal the impact of wedding-related debt

•  Credit management company Lowell has conducted research to reveal the true cost of a wedding, as well as discussing how to recover from wedding-related debt
• Two thirds (66%) of Brits get into debt due to their wedding day, with the average amount being £3,958
• Research shows that the average wedding cost in the UK is £30,000

 Credit management company Lowell has conducted research[2] to uncover the true cost of UK weddings, and the impact getting married can have on your financial situation. Lowell’s research revealed that two thirds of Brits (66%) are getting into debt to pay for their wedding day, with an average debt amount of £4000.

With a predicted 350,000 couples planning to get hitched in 2022 after the disruptions of recent times, this year is set to be a lucrative one for the wedding industry. And whilst weddings are an occasion to be celebrated, they can come with a hefty price tag. From booking the venue, to buying a dress, there’s a lot of costs to consider when planning a wedding. And for many, it’s not within their means.

The true cost of a wedding
Statistics show that the average wedding cost in the UK is £30,000[3] and with the average annual wage in the UK being £31,285[4], it’s no surprise that weddings can quickly become unaffordable.

So, how are Brits paying for their wedding? When it comes to funding their big day, Brits are using a range of different payment options:

Payment option:	Percentage of Brits using this option:
Savings	59%
Paid by family	29%
Credit cards	23%
Overdraft	12%
Loans	12%
Borrowed from family / friends	12%

Whilst almost three in five Brits (59%) pay for their wedding with savings, one in four (23%) Brits rely on a credit card to pay for their wedding. One in eight (12%) Brits borrow the money from their friends and family and although this can be convenient at the time, it can add pressure onto these relationships.

Financially recovering from a wedding
Lowell’s study showed that although 74% of Brits recover from their wedding in less than 12 months, it still takes 15% of Brits up to 2 years to financially recover. 5% of Brits revealed that it took them up to 5 years to pay off their debt.

Beth Jones, 29 from Manchester spoke about her experience with wedding-related debt:

“I didn’t quite realise just how much money we would spend on the wedding. I thought I was planning a low-cost wedding but it was still so expensive. There were so many different costs that occurred that I didn’t even think of when we initially started planning.

We did all we could to cut down on the price, including getting rid of our original catering set up which ended up saving us around £1,000. Whilst getting married was one of the happiest days of my life, I’m still feeling the financial consequences of the big day and it continues to add pressure to my financial situation and also my relationship at times. I can’t wait for the day I’ve finally paid it off!”

John Pears, UK CEO at Lowell, comments:

“Whilst your wedding day is all about celebrating your relationship and commitment to each other, the financial strain can last long beyond the honeymoon. Using a credit card, overdraft or loan can help you to afford a wedding in the short-term, but it’s important to bear in mind that building up thousands of pounds of debt can have a serious impact on your finances and credit file if not managed responsibly.

Before you commit to spending a large amount of money, take some time to look into your combined income and outgoings, and work together to create an affordable plan to pay back what you’re borrowing in a reasonable time.

If your wedding day is a lovely but distant memory, and you’re still struggling with wedding-related debt, one of the best places to start is by having an honest conversation with your spouse about your financial position. If you have joint bills or joint accounts, it’s even more important to have the ‘debt talk’ and to be aware of how your individual finances might be impacting on each other.

There are many independent organisations out there that can work with you both and help you get back on your feet, so don’t be afraid to reach out. You can find a list on our website at https://www.lowell.co.uk/help-and-support/independent-support/ “

For more information visit: https://www.lowell.co.uk/about-us/lowells-blog/lifestyle/the-true-cost-of-a-wedding/