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At a time of rising costs and changing perspectives, is the sound of wedding bells as tempting as it once was? To find out, Legal & General polled more than 2,000 married and engaged couples to see if they opted for a big wedding – or a big rethink.
Weddings in 2024
A 2024 survey revealed the average cost of a UK wedding has risen to £20,700, marking a 12.5% increase from £18,400 in 2022. Despite this, our survey found that couples typically budget much less, with the average amount set aside being just under £9,000 (£8,997.32). There was also a stark difference in wedding budgets across generations. Younger couples, particularly those aged 16-24, budget an average of £14,937 for their special day, while those over 55 set aside £4,614.
Rising costs and financial constraints
A significant number of couples, particularly younger ones, find themselves exceeding their wedding budgets. The research revealed 69% of Gen Z respondents (16-24-year-olds) went over their budget, compared to just 18% of those aged over 55. Financial constraints have led many couples to make significant cutbacks. A majority (52%) reported excluding certain elements from their original plans to save money. The top cutbacks include reducing the guest list (22%), and almost a fifth (19%) of 25-34-year-olds said they've had to cut pre-wedding events like stag and hen parties. 63% of respondents also received financial help from family or friends, with a significant gap between Gen Z (85%) and those over 55 (42%).
Memories to last a lifetime
Despite the increasing costs of weddings, the data shows that most people have no regrets. A significant majority (55%) responded "no" when asked if they wished they had spent their wedding budget differently. In contrast, only 23% said they would allocate the money differently, while 15% were unsure.
Paula Llewellyn, Chief Customer and Strategy Officer at Legal and General comments, "Planning a wedding is not just about celebrating love, but also managing the money and budgeting realities that come with it. Our survey highlights how couples across the UK are flexing their plans in response to rising costs, while still creating lasting memories.
"Whether it's a grand celebration or a more intimate gathering, careful planning and realistic budgeting can help couples manage costs without compromising on their plans. Beyond the wedding, thoughtful financial planning can ensure that the next steps in life are taken with confidence. Our dedication to providing peace of mind extends beyond the wedding day, helping couples protect their future and navigate life's journey with security and joy."
In summary - from big celebrations to budget savvy: the changing face of UK weddings
· Average wedding budget is just under £9,000
· 69% of Gen Z exceed their budget, compared to 18% of those over 55
· A majority (55%) of respondents said they didn't regret having a wedding
· 52% of couples cut wedding costs; 19% of 25-34-year-olds reduced pre-wedding events
