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Will Grandparents Help Pay For Your Wedding?

by Jerone Temp 16 Jan 2020 0 Comments

There is no doubt about it, weddings are expensive. From the cost of the dress and hiring a venue to catering for your guests and booking a band, there are many things to pay for when it comes to tying the knot.

Therefore, most brides and grooms will look for help wherever they can – and one of the most generous sources of financial assistance seems to come from grandparents.

According to a survey by Hodge Bank, 26 per cent grandmothers and grandfathers say they would spend a large chunk of the money have saved over the years to help their grandchild with a life event.

This includes getting hitched, with 15 per cent of those aged between 60 and 80 claiming they would give some money towards their grandchild’s wedding or civil partnership.

Managing director of mortgages at Hodge Matt Burnton said this is “no great surprise”, stating: “We see many of our customers taking out later life mortgage products to help family members, as well as themselves, live better lives.”

This could very well come in handy, as the National Wedding Survey recently revealed the average cost of nuptials in the UK is £31,974, Hitched reported.

It also found that half of all couples pay for their Big Day with assistance from family, including their parents, grandparents, or other relatives, proving just how helpful these financial gifts are in helping them have the day of their dreams.

According to the survey, most brides and grooms use their personal savings to pay for the event, while one-fifth using credit cards to help with payments, and ten per cent having to take out a loan to cover costs.

The biggest portion of the wedding budget is the venue, with this typically costing £5,406. This is followed by the honeymoon, with couples prepared to pay for £4,645 for a post-wedding getaway.

Food is the third most expensive thing to pay for when it comes to weddings, averaging £3,887 on catering, and a further £292 on the cake. An additional £1,587 needs to be budgeted for drink, including bubbles to toast the happy couple.

The engagement ring also sets couples back a lot, with the proposer typically shelling out £2,419 on a sparkly band even before their loved one has agreed to marry them. It is not just the engagement ring that couples have to spend a lot on, with brides typically saving £1,313 for their dream wedding gown.

In comparison, grooms budget less than half of this (£452) on their suit. They can find great choices on the high street these days to cut down costs even more, jazzing up a simple, smart grey or navy blue three-piece suit with a stylish silk tie that matches or complements their wedding colour scheme.

Of course, it is important not to forget about ties and accessories for groomsmen too. According to the survey, the average number of ushers to have is three, while more than half ditched the idea of pageboys and flower girls last year – perhaps in an effort to keep within the budget!

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