Property-buying specialists, Gaffsy surveyed 1,000 newly married and engaged couples in the UK to understand what they are spending their wedding gift money on.
According to the figures, 31% of British couples used their wedding gift money for their honeymoon.
The average honeymoon costs between £3,000 and £6,000 and with the average wedding in the UK costing £23,250, couples may need to rely on gifts from friends and family to be able to travel as newlyweds.
20% of couples use their wedding gift money for a house deposit, and 19% put the funds towards moving house, meaning 2 in 5 couples (39%) used their wedding money for their property goals. The average age to get married in the UK is 35 years old, with the average age for a first-time buyer being 34 - suggesting that modern couples may be prioritising homeownership over tying the knot.
On the other hand, just 4% of newly married couples didn’t ask for money for their wedding gift and instead asked for physical gifts.
23% of newlywed couples received between £1,000 and £1,999.
18% of couples received between £2,000 and £2,999, with 12% receiving £500 to £999 for their wedding.
Northern Irish guests were the most generous, with a third (30%) of couples receiving between £2,000 and £2,999, the most out of the UK. Northern Irish couples were the most likely to spend their wedding gift money on a house deposit, with 60% doing this.
Couples based in the South West were the most likely to spend their gift money on their honeymoon, with 36% of newly married couples choosing to spend their money on this. Meanwhile, the least likely is Northern Ireland with just 10% of couples opting to spend their money this way.
With the average house deposit in the UK currently being £34,500, it’s not surprising that 39% of couples are putting their wedding gift money towards moving home or a house deposit.
“It’s interesting to see the shift from traditional wedding registries to couples asking for money towards their honeymoon or their first, or next, property move," comments Director and Senior Valuer at Gaffsy, Max Royston, "It seems weddings have now become a stepping stone to more financial security for the next stage of newly married life - with many using their wedding gift money to aid this move.”
