In Focus Consumer Credit
Women shunning weddings in favour of home ownership
As society evolves, attitudes are changing towards the relative importance of financial and societal decisions
Richard Tugwell Director, Together
British women appear to have fallen out of love with getting married – with just 4% choosing to spend money on a wedding rather than a house deposit. Our new poll has revealed nearly 70%
of UK adults would use £17,674 – the average cost of a wedding – as a deposit for a new home instead of paying for their big day. According to the study, women prioritised
home ownership more than men, with nearly 10% more females opting to spend the money on a deposit. Just under 4% of women would use it to foot the bill for their wedding.
Costs compared to wages Home ownership clearly remains a huge priority for the British public, as our latest research demonstrates. With the costs of weddings and property
rising in comparison to wages over the last few decades, sacrifices inevitably have to be made. The results of our survey show the
majority of people are choosing to get on the property ladder rather than pay for their big day. We surveyed more than 2,000 UK adults
to find out their views. Women seemed more eager to get on the
property ladder, according to the results. The vast majority – 74% – said they would
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put the £17,674 towards a deposit, a figure that dropped to 64% of men who took part in the survey. Only a tiny percentage – 3.9% of women
and 6.1% of men – would use the money to fund their big day. Meanwhile, 14% of all those who took
part in the survey said paying for a wedding and a deposit carried equal weight, while just over 11% said neither was a priority.
The average age at which couples were tying the knot stood at 37.9 for men and 35.5 for women in 2016, according to the latest ONS figures. In 1996, however, the average age was 33.6 for men and 31.1 for women
www.CCRMagazine.com
Wedding facts l The rate at which couples are getting married fell from 33.6 (in every thousand people) for men and 28.5 for women in 1996 to 21.9 for men and 20.1 for women a decade later. l The average age at which couples were tying the knot stood at 37.9 for men and 35.5 for women in 2016, according to the latest ONS figures. In 1996, however, the average age was 33.6 for men and 31.1 for women – showing an increase of more than four years for both men and women over the past two decades. l Couples who are choosing to marry are now looking for more cost-effective weddings. For example, the number of weekday weddings has increased hugely over the past few years with the rise of the ‘Thursday wedding’, significantly reducing the cost of venues, caterers, and entertainment. CCR
November 2019
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