Watching two people you know declaring their love for one another is joyous – but these days, attending a wedding can come with a hefty price tag.
In tough economic times especially, the soaring costs associated with being a wedding guest may force some people to de-prioritise their own financial goals, or to simply turn down the invitation altogether.
According to a recent survey, the average wedding guest is expecting to spend £1,045 on average per wedding this year. That’s an 18% increase this year compared to 2022, when wedding goers spent an average of £883 per wedding.
Gifts for the newlyweds will be the biggest expense for wedding guests this year, with attendees expecting to spend an average of £217.90. This is closely followed by accommodation costs at £203.90, and the cost of childcare at £202.70, the survey found.
From travel and accommodation to lavish gifts and formal clothes, the cumulative costs can quickly escalate, leaving guests contemplating the trade-off between heartfelt support and financial responsibility.
Someone who knows about this pricey predicament is Rob Hannay, 27, a software engineer from London, who will be attending seven weddings this year.
With a decent salary, Rob is currently using Monzo to help him save for a house, by putting a monthly sum into a savings Pot. But the seven weddings he’s attending have put a spanner in the works.
On average, Rob spends £200 per wedding, by the time he’s sorted out accommodation, travel, a gift and his outfit. “I always try and save money where possible, by either staying with friends or getting cheaper transport alternatives, but it’s not always possible,” he says.
Rob is a groomsman for one of the weddings he’s going to this summer, which has cost him almost £600. The stag do was abroad and went over the initial expected budget of £350, he had to pay for his suit hire (£90), he attended and paid towards a special groomsmen breakfast, and needed to fork out for his travel and accommodation.
“Some of us have also opted to stay in different accommodation from the groom too, so that we can save on costs,” Rob adds.
Given the cost of this particular stag do, Rob feels that he may have to hold back on other stag dos this summer, as he doesn’t want to commit to spending large sums of money.
The financial impact of wedding season concerns Rob, as he’s trying to stick to a monthly budget so he can save for a house deposit. Once he’s paid bills from his Monzo account and added around £1,500 to his deposit Pot, he uses the app to see how much he has left to spend.
“Often the weddings I attend mean that I have to deviate from my monthly spending budget, and withdraw funds from my house deposit Pot,” Rob explains.
“It can be a few hundred pounds each time, meaning that my savings are being dented by up to a third.”
While Rob is happy to spend money and contribute towards his friends’ weddings, he says finance can be a tricky subject with couples. “For each individual couple it’s their special day, so I want to help make their day as special as possible,” he says.
“However as a result, I am starting to see that it’s impacting my own financial wellbeing.”
To apply for a Monzo bank account and access Pots you must be a UK resident. Ts&Cs apply.