Special savings accounts needed to cover high wedding costs

Mozo

Friday 11 December 2009

An undercover investigation has found that reception venues, photographers and car hire companies charge more for their services when they know it is for a wedding.

Of 60 Melbourne and Sydney suppliers contacted for quotes, more than half wanted extra for a wedding compared with a birthday function with the same number of guests and requirements, the Herald Sun found.

The cost of getting married in Australia has risen to an average $33,350, with couples spending a total of $3.7 billion a year, the news provider said. The findings will encourage any brides and grooms-to-be to compare savings accounts in preparation for their wedding.

"Mention it’s a wedding and the price immediately jumps, which makes it difficult for couples who are trying to plan their special day on a budget," Choice spokeswoman Elise Davidson told the newspaper.

A report by ANZ last month found that people tend to be more successful when it comes to putting money aside – potentially into high interest savings – if they have an "emotional driver" such as saving for a child’s education or a wedding.

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