Experts reveal the impact of wedding-related debt
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.
