BIGGEST DAY OF YOUR LIFE - AND THE BIGGEST DEBT

If your loved one got down on bended knee to pop the question on Valentine’s Day, your thoughts might now be turning to the big day.

Tying the knot is back in fashion. An estimated 2.8 million Britons are already engaged or had indicated that they intended to propose to their partner on 14 February.

But it is not cheap. The average cost has risen to £17,000 from £15,000 over the past year alone – an increase of more than 13 per cent – according to Alliance & Leicester (A & L).

The average couple shells out £6,076 on the reception, £2,857 on the honeymoon, £1,500 on the bride’s dress, £1,289 on an engagement ring, £1,259 on wedding photography, £500 on bridesmaids’ attire, £481 on flowers, £365 on stag and hen nights, £317 on the groom’s outfit, £200 on wedding cake and £50 on insurance. Add in invitations, wedding rings, church fees and other costs and the total amounts to £17,121.50.

However, only 9 per cent of us now think that the average wedding cost is a reasonable amount to pay, according to a Bank of Scotland survey. Over half of those questioned thought that £10,000 or less was a more appropriate figure, while a quarter considered that just £1,000 - £5,000 was enough to spend.

Singletons were the most likely to still be dreaming of an extravagant wedding, with a quarter prepared to spend over £15,000. For 20 per cent of 18-25 year olds, love knew no financial bounds either, with more than £15,000 again thought a reasonable amount.

Ian Corfield, head of unsecured personal loans at the bank said “Weddings seem to have been back in fashion in recent years and we’ve seen average costs increase dramatically”.

“However, there may be a change in opinion as to how much couples should spend. It may be that the costs typically involved have reached a level which is no longer considered reasonable."

However, A & L found that soon-to-be newlyweds could be underestimating the potential cost of the big day by a staggering 155 per cent, believing their wedding will cost just £6,650.

And gone are the days when the bride’s family footed the bill. Parents are no longer coughing up the cash to fund their offsprings’ nuptials.

Almost 80% of those already organising their wedding will pay for the day themselves. But, the costs means that almost one in five (17 per cent) will borrow to fund their wedding – 5 per cent of whom are considering using expensive store or credit cards. Unsurprisingly, eight out of ten couples are worried about starting married life in debt.

And it seems wedding plans are putting a strain on relationships.
Some 8 per cent of those married or planning a wedding questioned by A & L admitted they were arguing more often than usual and 6 per cent said money worries were taking their toll.