Article date: 9 June 2008
- One in five single women already saving for a wedding like Coleen's
Big budget celeb weddings have sparked a new saving trend amongst single women - an incredible one in five "Wedding Stashers" are already saving for their dream day, despite having no ring on their fingers.
Ahead of the Rooneys' three-day, £5 million extravaganza, singletons in Birmingham and Leeds top a UK league table of women who are stashing their cash so they too can have a day fit for the pages of a magazine.
A designer dress (46%), long-haul honeymoon (43%) and expert wedding planner (27%) are now big day "must-haves" - in fact, Tom Cruise and Katie Holmes's Italian castle wedding is the celebrity bash most single women aspire to.
More than four in five (85%) women told Norwich Union researchers that extravagant celebrity nuptials set the bar to spend big on a wedding, but nine in 10 (93%) claim the old tradition of the bride's parents footing the bill is dead.
No surprise then that, even with their secret wedding stashes, girls expect to rack up on average, an additional £9,523 in wedding debt. Some are even prepared to re-mortgage their homes (26%) or sell family heirlooms (17%) for their dream day.
Celebrity wedding planner Zoe Lingard, said: "Girls today know exactly what they want, down to the last detail, and have usually pored over magazine spreads - of the WAGs weddings in particular - so I'm not surprised that saving starts early.
"Most brides though don't have a footballer's or Hollywood budget so, even with their stashes, many will start married life with great memories of their wedding - and the debt to show for it."
In fact, a quarter (24%) of women said they'd get a second job just to get their dream day, whilst 45% will happily borrow from friends and family to make the sums add up.
Almost half (41%) plan to blow their life savings on getting hitched, while 14% will turn to credit cards and one in three (34%) will take out a loan.
Carole Jones of Norwich Union, said: "When it comes to covering the cost of saying 'I do' it seems most brides-to-be are prepared to beg, borrow and even re-mortgage their home to get the wedding of their dreams.
"A wedding might be the most important day of a girl's life but it is just one day - single women should also be thinking ahead to how they plan to fund their retirement years and consider putting some of their secret stashes in a pension instead."
The Norwich Union "Wedding Stashers" study also reveals that:
- In search of the ultimate WAG wedding, women in Manchester expect to rack up £10,957 of debt, which is more than any other city in the UK
- Almost half (40%) of women in Edinburgh would happily get a second job to pay for their wedding but only 10% of women in Newcastle would do the same
- The average UK couple expects to spend a total of £17,000 on getting hitched
- A quarter of women in Bristol would sell a family heirloom to pay for their nuptials whilst one in three women from Leeds plan to re-mortgage their own home.
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Notes to editors:
Norwich Union commissioned research with Redshift Research Ltd amongst 1,000 single women in the UK between 28 May and 2 June 2008.
UK wedding debt league table
The amount of debt that women expect to get into for their future dream day:
Expected wedding debt
UK ‘Wedding Stashers' league table
Where women are most likely to be stashing the cash for a future dream day:
% of women stashing
About Norwich Union
Norwich Union is one of the UK's biggest life insurers. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group. Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media