THE austerity wedding appears to be an upcoming trend in the East Midlands with 64 per cent of respondents to a new survey for investment managers Brewin Dolphin stating they would spend �10,000 or less if they were getting married today. With the average spend on a British wedding currently �21,000, this research suggests couples are ready to start cutting back on costs.
Looking at the national picture, for those who are already married, Brewin Dolphin's research shows 39 per cent of people paid for their own weddings from their current savings account and 34 per cent were paid for by parents. Only five per cent dipped into investments (stocks, shares, ISAs) to and a further six per cent took out a loan.
Commenting on the new research, Robin Beer, head of Brewin Dolphin in Nottingham, said: "The weak economy is apparently making people think twice about how much they spend on their weddings and the evidence is that people will start to take a more frugal approach than they have done in the past. The dilemma of either paying for a wedding or saving for a deposit on a house is becoming a very real one for many young couples as they are strapped with debts from university.
"The 40 per cent who paid or are paying for their weddings from their savings accounts should consider investing in ISAs which are more tax efficient and will enable couples to make more of their savings. So with the new financial year starting this week and a new ISA allowance this maybe something to take into consideration."
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