Britons are turning their backs on the big white wedding in favour of getting on the property ladder, a new study suggests.
Over a quarter (28 per cent) of those aged between 18 and 34 would spend a £20,000 gift from their parents entirely on a deposit for a house, according to research from HSBC.
With the cost of a wedding now averaging £20,000, the findings reveal that only 1 per cent of young adults would choose to shell out the entire sum on their nuptials.
With such gifts the reserve of a lucky few, many young Brits are pondering how to split their savings between a deposit for a new home and a dream wedding.
Nearly half (47 per cent) would look to cut the cost of their wedding in favour of putting it towards a house deposit, while over a quarter (26 per cent) would ask guests for cash instead of a traditional wedding gift to put towards a house.
Peter Dockar, head of mortgages at HSBC, said: “It appears that couples are choosing to be pragmatic when it comes to tackling the difficult decision of whether to shell out on a big wedding or buy a home.
“Clearly, it appears that being savvy with the pennies and giving more thought to home buying is becoming a priority.”
The research also reveals the most popular ways to cut costs, including having fewer guests, (45 per cent), choosing a cheaper reception venue (29 per cent) and spending less on the honeymoon (26 per cent).
Loading ...