The research found that over 40 million people (76%) think buying a home is an important life goal. However, 64% view marriage the same way. While the former is of equal importance to men (77%) and women (76%), getting married is slightly more important to women (68%) than to men (61%).
In the UK, around five per cent of those who have been married prioritised buying a property over having a wedding, while around three per cent delayed buying a property so they could have the perfect wedding day. With the average cost of doing both exceeding £80,0002, it is no wonder people feel the need to prioritise one over the other.
The average age to get married currently stands at 37, when the typical salary is £32,700. On this salary, couples would need to save 10 per cent of their salary for 15-years to be able to fully fund both a wedding and a mortgage.
With the pressure of social media and the desire to put on a day like no one else before, it is no wonder the average cost of a wedding in the UK is currently £32,000. The cost of property also continues to soar, and hopeful first-time buyers have to save a deposit of £48,500.
While at the time weddings might seem like the most important day of a couple’s life, 1.7 million adults regret spending the amount they did on their big day and admit to going over budget.
To cover the unplanned additional money, two million people (23 per cent) had to dip into savings set aside to buy a property, while 25% had help from family members. In fact, £122 billion has been given to couples by family and friends to help with wedding costs across the UK.
Regionally, those getting married in the South West will get more for their money as the cost of a wedding in this area is £28,000, while people in London need to fork out nearly £40,000. However, with the lowest house deposits (£28,000) needed in the North East, this is the cheapest area to have it all with the combined cost of a wedding (£31,000) and first-time buyer deposit being £59,000. London once again tops the list for the biggest house deposit of almost £100,000, making the cost of having both in the capital a staggering £140,000.
Vincent Guadagnino, Communications Manager at Direct Line Life Insurance, commented: “Before the pandemic, the cost of getting married was extremely high and our research shows that this looks set to continue, especially when large celebrations are allowed again later this year.
“With the cost of a wedding and a deposit both extremely high, it’s no wonder so many couples have to choose between their perfect day and their dream of owning a home. Both are really important milestones and we understand it must be a difficult decision to make. Whether getting married or buying a property, both involve long term commitments so it’s important to consider your protection needs to ensure you have the right cover in place should anything happen.”
