Three-quarters of Brits say buying a home is more important than marriage
More than six million Brits – 12% – of adults would choose a mortgage over marriage, according to research from Direct Line Life Insurance.
The provider found that over 40 million people (76 per cent) think buying a home is an important life goal but 64 per cent (34 million) view marriage the same way.
In the UK, around five per cent of those who have been married prioritised buying a property over having a wedding, while around three per cent delayed buying a property so they could have the perfect wedding day.
With the average cost of doing both exceeding £80,000, it’s no surprise people feel the need to prioritise one over the other.
The average cost of a wedding in the UK is currently £32,000. The cost of property also continues to soar, and hopeful first-time buyers have to save a deposit of £48,500.
While at the time weddings might seem like the most important day of a couple’s life, 1.7 million adults (six per cent) regret spending the amount they did on their big day and admit to going over budget.
Vincent Guadagnino, communications manager at Direct Line Life Insurance, said: “With the cost of a wedding and a deposit both extremely high, it’s no wonder so many couples have to choose between their perfect day and their dream of owning a home.
“Both are really important milestones and we understand it must be a difficult decision to make. Whether getting married or buying a property, both involve long term commitments so it’s important to consider your protection needs to ensure you have the right cover in place should anything happen.”