6 May 2010
'Bank of mum and dad' is closed for weddings!
- Engaged couples are saving up to fund their own weddings
- Online wedding budgeting tool includes savings account paying 2.25%
Traditionally, couples looked to 'the bank of mum and dad' as the main source of funding for their wedding, but new research* from Saffron Building Society and Wedding Magazine shows that only a quarter (26%) of parents now make the largest financial contribution. Instead, 55% of engaged couples are planning to fund the majority of their wedding costs themselves.
This shifting sense of financial responsibility is reflected in the fact that 70% of engaged couples intend to set up a savings account to save for their big day. But with so many choices to be made about flowers, dresses and cakes, choosing the right savings account can slip down the list of people's priorities.
FairBanking award winner Saffron Building Society has joined forces with Wedding Magazine to create an online tool www.weddingmagazine.co.uk/saffron that will help users to both plan and save for their dream wedding.
The site, which is UK's first end-to-end planning and saving tool will help brides-to-be stay in control of their finances when planning their wedding by translating their budget into a simple step-by-step savings plan.
As part of this partnership, users can open a Saffron savings account with a competitive rate of 2.25% gross p.a / AER. The account must be opened with a minimum of £10 and has a maximum balance of £1,000,000.
John Eastgate, Sales and Marketing Director at Saffron Building Society says: "With the average wedding now costing a staggering £18,000 we saw the need to help our customers save up for the one of the most important days of their life. It's our hope that our new online wedding tool linked to our award winning Goal Saver account will put those planning a wedding in control of their finances and get married life off to a happy, debt-free start".
Wedding editor Catherine Westwood adds: "Planning a wedding can be a daunting task and this new tool will make the experience much easier. As well as providing wedding inspiration, we're helping brides-to-be to plan, organise and budget for their dream day with a tool that keeps the key elements all in one place."
* Wedding Magazine carried out an online poll of 3,412 women planning to get married from 4 January to 9 March 2009
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