Are your parents contributing to your wedding day?
New research from Wealthify has found that just over a third (35.7%) of parents in the UK plan to contribute financially to their children's weddings.More than 40% of parents in the UK plan to contribute between £1,000 and £5,000 with an additional quarter planning to contribute between £5,000 to £15,000 on their children's big days. A further 1 in 10 plan to fork out a substantial £15,000 to £30,000.
In a post-pandemic world, where many celebrations were cancelled or postponed, Brits are celebrating their nuptials in a big way. Data shows that we are spending more than ever, and London parents are the most generous on average, willing to cough up £14,757.14 to see their children tie the knot.
The average wedding in 2021 in the UK cost an eye-watering £17,300, meaning the average Brit plans to cover about half of their children's total wedding costs, with an average spend of £8,527.62.
Interestingly, where only 35% of UK parents plan to contribute to their children's future weddings, 42% of them received financial support from their own parents, showing that we are becoming more frugal when it comes to splashing the cash on a big white wedding.
Although, 3.5% of the survey respondents said they plan to contribute the total amount needed to cover the cost of their children's weddings.
Parents in London and Northern Ireland were the most likely to contribute the total amount, with 1 in 15 parents in each region (6.7% London; 6.7% Northern Ireland) planning to do so. However, the average Northern Irish parent intends to contribute the least compared to the rest of the UK - and almost £10,000 less than London parents – with an average spend of £4,900.
The independent research also found that 1 in 13 Welsh parents plan to spend between £30,000 to £40,000 PER CHILD's wedding, the highest percentage of any region to spend this amount, compared to just 1.8% of Scottish parents who plan to spend this much.
Londoners are most likely to splash the cash on their children's future ceremonies, with 1 in 17 parents saying they will spend between £40,000 to £50,000 and 1 in 13 planning to spend more than £50,000.
As much as 43% of parents surveyed revealed that they received financial support from their own parents towards their weddings, showing we are becoming significantly more frugal when splashing the cash on big white weddings.
Simon Holland, Chief Product Officer, Wealthify comments: "As the cost of living rises across the country, it's no surprise that parents are finding it difficult to save for their children. However, as time goes on, big purchases like a car or home will become much less attainable for our kids – so, it's important we help to give them a financial head start if we are able to.
"You can open up a Wealthify Junior Stocks and Shares ISA (JISA) to start investing towards your child's future from as little as £1. What's more, you can spread the cost by inviting family and friends to contribute. If you don't think you can afford payments every month, no pressure – Wealthify JISAs are flexible, so you can pay in as much as you like, as often as you like, ready for your child to access when they turn 18."
Average amount spent by parents per region:
West Midlands £9,536.76
East Midlands £6,696.08
Northern Ireland £4,900