New research has revealed that the residents of Leicester need the longest time to save for the average cost of a UK wedding
The study by beauty experts Cosmetify analysed ONS data on median salary in regions across the country, compared with the average cost of a wedding, which stands at £16,005.
The research revealed that Leicester is the area of the UK with the lowest median wage – with a yearly take-home salary of £17,166.96. As a result, one person in a typical couple putting aside 5% of their wage would be saving £858.35 each year – meaning it would take more than 18 years to cover the average wedding cost.
If both people in a couple in Leicester are saving 5% of the median wage, then it still would take more than nine years to reach the £16,005 needed.
Torbay ranked second on the list of areas where it would take the longest to save for the UK’s average wedding cost, with 5% of the median wage (£17,199.60) coming to £859.98 a year. Therefore, a couple in the area would need more than 18 and a half years to save.
Third on the list is the Isle of Wight, where the average net salary of £17,281.20 would enable someone saving 5% to put aside £864.06 each year, so the wedding costs would take 18 years and six months to cover.
In contrast, Wandsworth is the UK region with the highest median monthly income, after tax, standing at £28,623.60. One person saving 5% of their wages would have £1,431.18 after a year, meaning the average wedding cost of £16,005 would be covered in just over 11 years – a full seven years quicker than someone in Leicester would take.
A spokesperson for Cosmetify commented on today’s findings.
They said: “A wedding is one of the biggest days of anyone’s life, and the costs can mount up quickly. Traditionally the father of the bride is expected to cover the costs, but that’s not an option for everyone, so it’s sobering to see just how long it can take to save for the UK’s average wedding cost.”
The analysis was conducted by Cosmetify, which brings together thousands of brands and hundreds of retailers on one platform to ensure a simple shopping experience and allow the consumer to compare the prices of their favourite products at a glance.