New research from Aldermore bank1 reveals the financial impact of being forced to re-arrange a wedding/civil partnership during the course of the pandemic.
Our research shows that couples are spending an average of £16,752 on their wedding or civil partnership, however, extra costs associated with re-arranging the wedding due to the pandemic nearly double that amount, totalling an average additional £13,266. Recent Office of National Statistics (ONS) data2 found there was 234,795 marriages in 2018, illustrating the wide financial impact of these re-arrangements and cancellations in the UK.
| Percentage breakdown of how people lost money | |
| Cancelling hotels/travel arrangements | 30% |
| Cancelling extra activities planned for guests during the weekend | 26% |
| Cancelling honeymoon plans | 25% |
| Lost deposit for the venue | 22% |
| Lost deposit for the photographer | 21% |
| Lost deposit for the music | 19% |
| Lost deposit for the florist | 15% |
| Lost deposit for catering | 13% |
| Other costs incurred | 4% |
The additional costs incurred have been caused by a multitude of factors. Nearly a third (30%) had to cancel hotels or travel arrangements, whilst a quarter (26%) had to cancel extra activities planned for the wedding weekend and similar numbers (25%) had to cancel honeymoon plans.
Meanwhile, many also lost their deposits due to forced re-arrangements, with one in five (22%) losing the deposit for their venue, 21% for their photographer, and 19% for the music.
The re-arrangement of a wedding or civil partnership has had a variety of knock-on effects on people’s personal and financial wellbeing. Nearly three out of four (72%) found re-arranging stressful, with over half (57%) stating that it put a strain on their relationship.
The financial impact has also been significant to many, with two thirds (67%) saying the cost of re-arranging the wedding has made it more challenging to reach other life goals and over half (54%) have had to lower the budget for their honeymoon or cancel it completely.
The impacts have been so severe that nearly three quarters (70%) have decided to postpone their wedding indefinitely and prioritise other life goals.
Ewan Edwards, head of savings, Aldermore comments:
“Planning for your wedding or civil partnership comes with a degree of stress and expense at the best of times, but as our research shows the pandemic has added additional layers of challenge and disruption. Many people have been understandably disappointed and frustrated by delays and cancellations to their big day, which has had the added complications of significant financial impact. The subsequent lockdowns have created a surge in savings, as many have saved due to fewer nights out and less travel, which we hope helps to mitigate some of the extra costs for many.
“For those currently planning their special days, regular savings habits really add up over time to reach the required expense goals and having emergency money set aside is always useful in lowering the stress of unexpected costs that may arise. Savers should consider easy access products, such as 120 Day Notice or Double Access accounts, which are particularly useful for people who have had plans disrupted recently, ensuring their money is working hard until they’re able to use it for rescheduled and postponed plans in the future.”
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1 Research conducted, on behalf of Aldermore bank, by Opinium in September 2021, with a sample size of 4,001 UK adults.
2 Latest ONS data showing the number of marriages that took place in England and Wales: https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/marriagecohabitationandcivilpartnerships/bulletins/marriagesinenglandandwalesprovisional/2018