Parents 'assisting iPod generation with marriage'
Personal insurance
28th April 2010
Getting engaged and married can be expensive and under-35s today often turn to their parents for financial assistance in both instances.
This is according to DiamondManufacturers.co.uk, which suggests the "iPod generation" is finding it more difficult to access credit and so is looking elsewhere for funding, as the cost of an average wedding is estimated at £15,000.
A survey by the retailer found that 23 per cent of people under the age of 35 had received help from mum and dad towards the cost of their nuptials, with 19 per cent borrowing cash from family members to purchase an engagement ring.
On diamond engagement rings, the company's press officer Adrie van der Luijt said: "People see it as a lifetime investment and are reluctant to appear frugal, even if they'll try to save money on the wedding day."
Those purchasing an engagement ring this year should be sure to take out a UK insurance policy at the same time to protect them against loss, theft or damage, particularly as the same company recently warned that rough diamond prices have risen sharply in recent years.
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