Cash Strapped Newlyweds Ask for Money as a Gift
The high cost of living is causing engaged couples to ask for cash or vouchers as wedding presents, new figures show.
The study by First Direct follows the news that Prince William and Kate have asked their wedding guests for donations to charity for their wedding rather than receive gifts.
However, for 35 percent of prospective newlyweds, they cannot afford the same luxury and would instead ask for money or vouchers as a gift, compared to just 3 percent who would ask for donations to charity.
“It is a wonderful gesture that Prince William and Kate Middleton have asked for donations to good causes to celebrate their wedding,” said Richard Brown, First Direct, senior savings product manager.
“However, with couples needing huge deposits to get on the housing ladder and the cost of everything from honeymoons to petrol going up, the economic reality for most couples is that money is the most useful gift they can ask for.”
The survey also found 22 percent of engaged couples would ask for presents from a gift list or registry service, 19 percent would not ask for a gift at all, and 19 percent would ask their guests to choose their own gift.
Guests are less keen on giving cash and would prefer the couple to not know how much they had spent on the gift. Thirty nine percent claimed giving money was impersonal, while 22 percent said they would dislike being told what to give as a gift.
Although, 18 percent agree that giving money towards a mortgage is a good idea as a wedding gift in the current economic climate.
Research by SHIP revealed first time buyers in the current economic climate find it seven times as difficult as their parents did to get on the housing ladder.