Experian has found that the cost of a wedding is not only causing grief for the bride and groom but also the couples who have been asked to attend.
Weddings on Female First
17% of couples are missing out on seeing their close family and friends getting married because of the cost of attending.
One in ten couples has spent £800 to attend weddings while they have been an item. Some couples have even shelled out £2,000 just to see a friend or family member say 'I do'.
It's not just the cost but how it's split too. 77% of couples split the bill half way. Only 17% cover the entire cost if their partner can't afford to go 50/50.
James Jones, head of consumer affairs at Experian, commented: "Attending the wedding of family and friends should be great fun. However, for many 'wedding season' has become a source of financial pressure and domestic strife. The research suggests that at each UK wedding, there is an average of one person missing because they cannot meet the spiralling cost of attending nuptials - an obvious disappointment for hosts and guests alike.
"While racking up debt has often been seen as the price to pay for holding the wedding of your dreams, it now seems that many guests are also suffering financial stress. Sitting down with your partner to put some thought into your budget at the beginning of 'wedding season' is advisable. Discussing not just how much you can afford, but also how you're going to pay for it can help avoid arguments in the run up to the big day and make sure you come out the other end without a nasty financial hangover."
One in 20 couples has borrowed money to go to a wedding so they don't feel they've missed out. Those guests who don't have a wedding fund have used a credit card, loan, savings or relied on their overdraft to get them through.
One in three of these couples have no idea how they're going to pay the money back and have a 'pay now, worry later attitude' putting to the back of their minds the consequences of spending so much money.
Relationships are complicated enough, but when money is thrown into the mix, they can become even harder to negotiate.
Experian has highlighted five dos and don'ts for financial harmony from the Money and Relationship Guide:
Do:
- Have some ground rules. Figure out if you want to keep separate bank accounts or a joint one. If you opt for a joint account do you still want separate ones too?
- Negotiate over who does what. The more frugal one is probably best suited to looking after the budget. The big spender can be in charge of treats such as meals out or trips away from home.
- Agree on your saving goals and review them regularly to decide if you need to save more.
- Be honest about your previous spending habits. If you have a bad credit history, then you will affect your partner's good one if your credit reports are linked.
- If you need to improve one of your credit reports think about this well before you join your credits.
Don't:
- Just talk about money.
- Keep your spending habits secret. 29% of couples have kept a credit card debt from their partner.
- Don't take out a loan to cover your debts- talk to your partner and see if they can help in some way.
- Talk about money when you are both angry- this will get you nowhere.
- Expect that if your partner is frugal- they they will spend lots if you combine your finances and vice versa.