Young Brits looking to get hitched face saving for 30 Months

Young couples are faced with saving for over 30 months to reach their wedding savings goals, according to new research from Nationwide that charts what Brits are saving for in 2024.

One in six young people are currently putting money away for their dream wedding. On average, these love birds are aiming to save £17,000 in preparation for their wedding – although the costs will likely be higher as many will also benefit from contributions from family and friends. Based on average monthly individual savings of £282, it would take a typical couple saving a combined £564 around 31 months to reach their target.*

Nationwide conducted the research as part of efforts to raise awareness of the importance of saving – it offers a SavingsWatch1 service that alerts customers if a better interest rate is available or new savings products launch.

The poll of 2,000 people's saving priorities highlighted the main targets for putting money away across all age groups in 2024 are: holidays (35%), home improvements (20%), clearing debts (17%) and a new car (15%).

The research highlights that many couples could be missing out on earning extra money towards their big day by not maximising the interest on their savings, with rates the highest they have been for a number of years. Couples putting £564 away each month could reach their £17,000 target two months sooner (29 months) if they earn a rate of five per cent[1].

Nearly three in ten (28%) admit they haven't reviewed interest rates on their on their savings accounts in the last six months, with close to a quarter (23%) admitting to never comparing rates. While more than third (38%) haven't compared interest rates on savings accounts due to being happy with their account, one in four (25%) don't have enough money to save, while 15 per cent don't have the time to research other accounts and rates.

Tom Riley, Nationwide's Director of Retail Products, said: "Weddings are expensive occasions and with the current cost-of-living crisis, couples need every bit of help to get the money together. Our SavingsWatch service can help couples make the most of their money by keeping them up to speed on new savings accounts we offer, which could mean they earn a higher rate of interest and reach their wedding fund target sooner."

For more information about the campaign, please visit nationwide.co.uk/savings/savingswatch.

¹ SavingsWatch is free, and available to any Nationwide members who are 16 or over.