The UK is in the grip of wedding fever. And with the average cost of a wedding around £20,000, it’s no surprise that parents are having to plan ahead to give their children their dream day.
Leading mutual organisation Scottish Friendly predicts the average wedding could cost over £31,000 in 18 years’ time. This means parents could have to start saving up to £85 per month in an 18 year plan to accommodate the Big Day. By saving £50 a month for 15 years, parents could be able to pay for half of the celebrations or at least the honeymoon or dress.
Siobhen Craven-Robins, a London wedding coordinator said:
Weddings are fashionable again. The Wills and Kate effect means couples want the fairytale day but that doesn’t come cheap. Parents know this is one of the biggest days of their child’s life and want to give them everything they want and this can easily become extremely costly.
WeddingGuideUK.com shows you can easily expect to pay around £5,000 for a reception and between £2,000 and £3,000 for bride, groom and bridesmaids’ outfits. A modest honeymoon could also cost from £2,000 but allow £5,000 for something more exotic.
Neil Lovatt, sales and marketing director of Scottish Friendly said:
When your son or daughter drops the bombshell that they are to marry, parents want the comfort of knowing they have the finances to contribute a fair share. A wedding is extremely expensive and can leave a young couple financially crippled so parents offering to pay for the honeymoon or the reception can be a huge help. Setting aside a little every month while your children are growing up gives peace of mind that you can help give them their dream day.
Scottish Friendly has a range of savings plans that let you make use of your tax free allowance. The plans are available to anyone aged between 16-64 and allow you to set aside an affordable amount each month so you can have a sizeable lump sum.