Research Reveals Couples Want to Ask Guests To Help With Wedding Costs
Almost half of all couples planning a wedding in the next five years (46%) want to ask their guests to help with the costs, according to new research from Investec Save.
Image Photo by Al Elmes on Unsplash
Men are much more likely to ask for financial help than women (53% compared to 38%) and many couples are already looking for ways to cut the expense of getting hitched. Almost half (47%) said they would book a cheaper venue than the one they ideally wanted, while 54% said they would invite fewer guests.
Cutting down on the cost of wedding catering was an option chosen by 45% of those surveyed, while 22% made the decision to save money by getting married overseas.
On average couples planning to get married or those who have got married in the past 10 years spent £11,000 on their big day, the study found.
A fifth (21%) of those surveyed said they planned to spend, or had spent, less than £5,000 on their nuptials. The highest proportion (37%) said they would spend between £5,000 and £9,999, with 17% paying £10,000 to £14,999.
Around half (49%) of those already married said it took them more than a year to save for their wedding, while some admitted it took more than five years. On average 36% of the cost came from their own savings accounts with 17% coming from the savings accounts of parents or partners’ parents.
David Hunt, Head of Savings, Investec Save, said: “Weddings are one of life’s most meaningful milestones – but they’re also one of the most expensive. Our research shows that nearly half of those engaged are now even considering asking guests to help cover the cost. Given the time it takes to gather the money needed for a wedding, it is worth considering putting this cash into an interest-paying savings account which will help to save for your big day faster.”
Investec Save offers a range of savings accounts including its Fixed Rate Saver offering 1-Year, 2-Year or 3-Year terms, which offer between 4.30% AER/gross and 4.40% AER/gross. Interest is paid on maturity on the 1-Year and annually on the 2-Year and 3-Year. No withdrawals are permitted until the end of the term, and no further deposits can be made after the first seven days.
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Its Online Flexi Saver, which currently offers 4.20% AER** (4.12% gross), is a simple and secure instant access savings account, provides instant access to savings, and allows unlimited deposits and withdrawals to a linked current account. This also makes the Online Flexi Saver perfect for unexpected bills that might arise, such as car maintenance or a vet’s bill.
Investec Save’s 90-Day Notice Saver, which offers 4.43% AER (4.34% gross), gives savers a higher rate of interest than its instant access account and no fixed term. It enables customers to save as well as to pay for bills they know are coming up, as they can access savings at any time with unlimited withdrawals by providing 90 days’ notice before withdrawal. It also gives 97 days’ notice before reducing the interest rate on the account.
• For more information on Investec Save products, visit savings.investec.com
**AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. The AER is intended to be an indicative rate to help you compare the return on different savings products.
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