Newlyweds 'facing financial strain'

02/09/2008

Young married couples are setting themselves a financial timebomb - by failing to properly plan for the costs of setting up home as a couple.

According to research from AA Personal Loans, while 87 per cent of newlyweds pay off the costs of their marriage celebrations immediately, around six in ten suffer financially over the first 18 months of marriage.

Specific financial flashpoints were identified as buying a major domestic appliance (which caused financial strain for 40 per cent) and decorating the couple's homes (36 per cent).

Commenting on the new research, EuroDebt director Kevin Still said: "Major lifestage events are being affected by the credit crunch, where personal choices such as when to get married, start a family or buy your first home are being constrained by the potential impact these will have in changing the financial status quo.

"There is a likelihood that these decisions either get deferred or that there is a much higher risk of more suffering after the event, with the increased cost of borrowing meaning that the repayment periods become even more prolonged."

Mark Huggins, head of AA Personal Loans, added: "The true cost of marriage is often underestimated by couples focussed on their wedding day and forgetting about the other financial demands the first 18 months of marriage can bring." ADNFCR-1819-ID-18760348-ADNFCR