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Brits regret blowing savings on Wedding Day over a home deposit

  • 4 in 10 Brits regret their wedding day, with 36 per cent citing poor financial planning as the main culprit
  • Over half of Brits (67 per cent) admit to not budgeting properly for life’s biggest events

Brits have revealed their regret in overpaying for their weddings, with a third (31 per cent) of 25-44 year-olds wishing they’d used the money to purchase their first home instead, according to new research from Barclays1. With more than half of Brits (67 per cent) admitting they tend not to budget properly for life’s biggest events, it seems many have been left to regret their poor financial decision making.

 

The research found that 4 in 10 Brits are left disappointed with their wedding, despite the average couple spending £25,0002 on their big day. Given the remorse many Brits have at the expense of their wedding, it seems many would agree people would be better off saving their money for more long-term investments.

 

The average home in 2017 costing £222,4843. Given that 10 per cent of that fee makes up the typical required deposit, first time buyers will have to put aside £22,248.

 

Brits’ biggest financial regrets

 

Showcasing the areas Brits most regret spending money on, over a third (36 per cent) wish they had budgeted more effectively for their wedding, with 27 per cent admitting they hadn’t saved enough when the big day arrived.

 

1 in 5 (20 per cent) admitted they wished they had kept hold of their money for their retirement years, with one in 10 revealing they wished they had spent less money on extravagant holidays and fashion items.

 

Buying a car (11 per cent) and investing in stocks and shares (10 per cent) also ranked highly among the accomplishments the British public wish they had budgeted more effectively for. Only 6 per cent said they wished they had saved money to pay for a better education for their children.

 

Top 5 things Brits wished they had saved money for:

 

  1. A deposit on a home
  2. Their retirement
  3. A car
  4. Stocks and shares
  5. For starting their own business

Clare Francis, Savings and Investments Director at Barclays said: “While it may be tempting to break the bank for a milestone moment, there is significant risk in spending everything on an event which does not always live up to expectations, as our research shows. Make sure that you plan well in advance for key life events, and be realistic about what you can afford.

 

“Those saving for their first home could consider a Help to Buy ISA, which offers a 25 per cent government bonus on amounts saved between £1,600 and £12,000, and there are also innovative mortgage products which can help make the purchase more affordable4. For longer-term savings goals, such as retirement, an investment ISA (also known as a stocks and shares ISA) could be a good choice, as returns from equities tend to outperform cash over the long term5.

 

“Whatever milestone you’re saving for, you need to stay in control of your money to avoid compromising your quality of life, not to mention the lives of your loved ones. In some situations, failing to budget properly can lead to long-term financial debt, which some people never recover from.”

Notes to editors

Case studies, event disaster anecdotes and video content available on request.

1 2000 adults from within the UK were polled by One Poll, commissioned by Barclays in February 2017

2 http://www.moneysavingexpert.com/family/cheaper-weddings

3 https://www.raconteur.net/business/how-to-save-for-a-house-deposit-in-2017

4 On Tuesday 14th February Barclays Mortgages launched the Barclays Homebuyer Cashback Mortgage, designed to help first time buyers or homemovers recover the cost of stamp duty on their new property purchases.

  • 2.69 per cent 5 Year Fixed 80 per cent LTV, £0 fee (min £150k loan + £2,500 cashback) Max Loan £500k
  • 2.69 per cent 5 Year Fixed 80 per cent LTV, £0 fee (min £100k loan + £1,250 cashback) Max loan £150k

5 Barclays Equity Gilt Survey 2016

For further information, please contact:

Matt Clemens / Emma Fenny

Barclays UK press office

Matt:  Tel 0207 331 5378 / Email: matt.clemens@cohnwolfe.com

Emma: Tel: 0207 331 5413 / Email: emma.fenny@cohnwolfe.com

About Barclays

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 120,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.home.barclays .