Macro trends impacting weddings in 2023

Main pressures are rising costs and unexpected expenses from suppliers

The cost of living crisis, inflation and social media pressures are causing couples to go over budget on their special day. Rising costs and unexpected expenses from suppliers are the main reasons for increased spending. According to new data, several macro trends have impacted weddings in 2023[1].
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Retirement challenges faced by women

Nearly half of women aged 50-65 plan to continue working in some capacity after reaching the State Pension age

Years of gender-based earnings disparity have resulted in a significant pension savings gap between men and women, leaving many women in their 50s and 60s financially precarious. According to analysis, women are more than twice as likely to rely on financial support from their partner[1].
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Millions may have to rethink their retirement plans

More than one in ten have mortgage debt in the final decade before they retire

Two-thirds (67%) of Britons admit to having debt that is weighing them down, according to a recent study[1]. Additionally, nearly one in ten (9%) adults in the UK are unsure about the amount they owe in outstanding debts, rising to more than one in six (16%) among those aged 45 and over.
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Pension drawdown

Greater flexibility in accessing your pension funds

Pension drawdown is a flexible way of taking income from your pension, introduced after the pension freedom rules in April 2015. Before that, the government limited how much income you could take from your pension unless you had other sources of income, and annuities were commonly used to provide a guaranteed income for life.
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