Holy matrimony – cost of attending wedding revealed
June 21, 2007 by admin
Filed under News, News-Banking
As the British wedding season gets into full swing, the financial implications of attending someone else’s ceremony have been exposed.
Experian has published research which shows that the average British wedding guest will fork out around £386 to go to a wedding.
Rather worryingly, this leads to six per cent of us going into debt and many people will take out a credit card or increase their bank overdraft in order to attend.
Bizarrely, many of us are prepared to put ourselves at a financial disadvantage to go to a wedding that we do not even wish to be at, with 45 per cent of Brits saying that they have been pressured into going.
Much of the money, around £130, is spent before the big day has even arrived, with hen nights and stag dos taking their toll on our wallets.
“Weddings are a time to celebrate but it’s clear that people are increasing their financial stress and spending money they don’t have simply in order to be there,” said Jim Hodgkins, managing director of CreditExpert.
“The cost of getting married and attending other people’s weddings is often underestimated, but it’s a significant outlay that often hits hardest those who are first time property buyers or those still burdened by student debt.
“As a result, attending lots of weddings in a short space of time can mean your credit rating is adversely affected,” he added.
The research found that the stag night and hen do are the most expensive parts for a wedding guest, while the wedding gift was ranked second.
Buying clothes for the occasion followed closely, while travel, accommodation and drink also have an effect.
