As the UK officially enters the season of love, Monzo has released new figures revealing half of wedding guests are turning down invitations to ceremonies, hen dos and stag parties, as a result of skyrocketing costs.
With wedding season officially upon us, new data from digital bank Monzo reveals that celebrating love can leave us with full hearts, but damaged wallets – with a quarter of guests (25%) admitting they’ve been ‘in the red’ after attending nuptials.
With demand for weddings soaring post-pandemic, after several years of delays and cancellations, it’s no wonder the average UK adult will attend three weddings and three stag or hen dos in 2023. All this celebrating comes at a price, with guests set to spend over £2,500 on average – a figure that almost triples to over £6,680 for those attending the most wedding ceremonies – and the former being around £350 more than the average monthly salary.
Breaking the costs down per wedding, this significant sum includes splashing out on a new outfit, at £115 a pop on average, pre-event pampering (£84), a gift for the bride and groom (£102) and drinks on the big day (£90). On top of this, the essential accommodation and travel alone sets guests back £223 on average.
With the cost-of-living crisis impacting spending across the nation, 48% of people have been forced to turn down invites to weddings, stag or hen dos. Meanwhile, three in five people have admitted to cutting back on how much they indulge in this wedding season.
As people strive to save for wedding season like never before, over £25 million was stashed away in Monzo Pots for wedding-related savings in a single month in 2023. What’s more, the amount of Pots created to save up for hen / stag dos has risen 428% year on year. Worryingly however, despite attempts to save, people are still falling £1500 short of the typical budget needed.
To help the nation take control of their finances this wedding season, Monzo has partnered with financial expert, Alice Tapper, who shares her tips on navigating these costly occasions:
Avoid any split-up drama: If you’re the one organising a hen or stag do, keeping track of costs can become a nightmare and you don’t want to be left out of pocket. Say goodbye to Excel and hello to Monzo’s Shared Tabs feature – a brilliant way to split costs with other guests, keeping financial interactions transparent and drama-free.
Golden rules: The three golden rules of the wedding season are: 1) No wedding is worth getting into financial difficulty over. 2) Never let a celebration ruin a friendship. 3) Always opt for comfortable shoes. When the wedding invitations start to roll in, prioritise your financial health, and try not to overspend just to keep up with the party.
Lock your money away: With the cost of being a wedding guest surging, it’s wise to look ahead and save wherever possible to ease any future financial pressures. Monzo’s Pots feature is a great way to stash funds away for the big occasions, with 53% of people attending weddings this year opting to use it. Not only can you segment your money into specific categories, but also lock / hide any pots you don’t want to dip into, in the short term.
