An in-depth study predicted and compared the cost of weddings and divorces across the UK in the next 10 years
According to an article by NY Daily News this years royal wedding is going to set the UK back £21 million which is just over 1,000 times the average 2018 cost of a wedding which comes in at £23,916.
However, when Prince Philip and Kate Middleton married in 2011, the UK benefitted from a £2 billion boost in UK tourism. Seven years ago, the cost of an average wedding was £21,939.
Have you considered how your finances could look in 10 years time?
Financial comparison site www.money.co.uk predicts our future finances by analysing ONS data from the past 80 years to make a forecast for the next 10 years, taking into consideration inflation and rising expenses.
As the tool analyses personal finance data over the past 80 years, money.co.uk can reveal the shocking rate at which we can expect our personal finance costs to increase by 2028 including paying for things like a wedding.
Did you know that in 2028, 399,180 people will marry (199,590 marriages) – that's a little smaller than the population of Dorset. On average, Brits are saving £105 a month to put towards their wedding – which means it takes around 10 years for the average couple to save for a wedding costing £25,000 (£25,0909 being the national average). By 2028, the tool predicts a 17% increase in the total cost of getting married to a huge £29,8389. This is almost £3,000 more than the average current UK salary of £27,5005 in 2017.
Analysing the earliest possible data set, the tool reveals an overall increase in wedding costs of just under 60% in 22 years between 2006 and 2028 from £18,773 to £29,8388 indicating a possible factor in the decline of nuptials also seen. The cost of a divorce will see the biggest increase according to money.co.uk's financial forecasts, with the average cost expected to increase by a huge 25%, from £47,014 to £60,415.8512 in 2028.
Moreover, when considering the earliest recorded data from 2003, divorce costs have seen an astronomical increase of 360% between 2003 and 2028 from £13,050 to £60,415.85
Hannah Maundrell, Editor in Chief of money.co.uk, said:
“The cost of our major life events like buying a house and getting married are rising but wages are not keeping up. More than ever before people need to make their finances a priority. Our predictions can give people a good indication of how much these life events are going to cost and the amount they need to save for their dream futures.
The figures we've predicted are based on trends in government data. We expect certain external events may have a large impact on future finances, such as large political milestones like Brexit or wage freezes in the public sector”
To discover more, visit www.money.co.uk