With the Royal Wedding just days away, the public are speculating on what Harry and Meghan’s first year of marriage will be like. While very few of us have a royal budget, we all want a wedding to remember and a marriage that starts in style. However, new research reveals that newly married couples are far less money-smart than previous generations, with 70% of couples spending more than they budgeted for in their first year of marriage. This can lead to arguments, tension, and less overall relationship satisfaction and a lower quality of life. Over a third (37%) actually said they spent ‘a lot more than expected’ in their first year of marriage, giving them a poor starting point for their future together. Men are almost four times more likely than women to have no idea how much their first year of marriage should cost.
The research from Peachy shows that while many of us do enter into marriage with an idea of how much shared living will cost, our estimates are rarely accurate. Women are more likely to overspend than men, which can lead to problems deeper into the relationship. Not having a stable financial situation can lead to increased stress, having an impact on both our mental health and quality of life.
In contrast, having robust savings and disposable income mean couples are happier, and more able to deal with surprises when they do come up. Only 1 in 5 (20%) managed to spend exactly what they thought they would spend, but even that can still lead to being caught short when unexpected costs arise. Having a reliable source of cash-flow, or the ability to quickly cover any unexpected payments means couples can enjoy peace of mind knowing they’re protected.