PARENTS PAY FOR SON TO SAY “I DO”
• A third of parents are planning to pay for their daughter’s wedding
• A fifth intend to cover the cost of their son’s wedding
• Parents more likely to pay for kids’ wedding, if their own parents paid for theirs
While the summer may have only just arrived, wedding season has been in full flow since May, which could be bad news for parent’s pockets. Research by Saga Home Insurance shows that half of parents aged 50 to 69 are planning to pay for their children’s wedding*.
It seems that this age group are still traditionalists at heart when it comes to weddings, as a third are planning to pay for their daughter’s special day (29%). However, weddings have become so expensive that a fifth of parents now intend to cover the cost of their son’s big day.
Parents planning to cover their children’s wedding costs could change their mind when they see the bill. Whether their daughter wants a horse drawn carriage or their son wants to say “I do” abroad, the average wedding could now set parents back a whopping £20,000**.
Paying for weddings seems to run in the family, as parents are more likely to pay for their children’s big day if they didn’t have to pay for their own. In fact, parents who received any financial help with their special day are more inclined to chip in for their own children’s wedding.
Saga Home Insurance understands that many parents over 50 will be helping their children out in some way or another on their big day. So Saga increases its contents cover by 20% one month before and one month after the big day, so parents have peace of mind that all wedding paraphernalia will be covered.
Emma Soames, editor-at-large, Saga Magazine, commented: "The only way to give your child the wedding of their dreams is for both sets of parents to contribute. I have discovered this as my own daughter is getting married this summer and it seems to be the norm these days for the parents in law to contribute. Costs can be enormous especially since a girl's implacable desire to dance in her wedding dress means that there is normally a celebratory meal for quite large numbers of people before they hit the dance floor.
I have heard many horror stories of robberies occurring while houses are empty during wedding services or receptions so having adequate insurance is vital."
Notes to Editors
• *Populus interviewed 9,349 adults, all aged 50 and over, online between 13th and 20th April 2013. Populus is a member of the British Polling Council and abides by its rules.
Saga Home Insurance
Saga Home Insurance is designed for the over 50s and provides:
• Up to a 15% discount when people buy a combined buildings and contents policy online **
• Contents cover increases by 20%, one month before and one month after children’s wedding
• Up to £500,000 buildings and up to £50,000 contents cover as standard
• Higher levels of cover available through the Saga Home Insurance TailorMade policy
• New for old replacement of contents
• Full protection when home is unoccupied for up to 60 days in a row.
** 99% of people who had a buildings and contents quote received a discount of at least 15%. Saga survey of quotes March 2013.