Prince William and Kate Middleton have opted for an 'austerity wedding', replacing a banquet with canapes and champagne. Everything's relative, but they are right up with the current trend. Although the average cost of a British wedding currently stands at £21,000, research by Brewin Dolphin found that 59 per cent of respondents would spend £10,000 or less on their nuptials if they were getting married today.
And while the parents of the bride traditionally foot the bill for weddings, Michael and Carole Middleton will undoubtedly be glad that they are not expected to shell out for the nuptials of their first-born. This too is bang on trend - according to another piece of research by F&C Investments, the cost of a wedding is no longer borne solely by the bride's parents, with the groom's family and the couple themselves likely to be chipping in.
If you think that sharing the costs breaches with tradition, how about forgoing a wedding altogether in favour of keeping savings for a house deposit? Tthe Brewin Dolphin research, conducted by YouGov, found that 55 per cent of people would do just that. While the Royal couple is unlikely to need a deposit for a property - mummy will probably give them one of her castles - it is interesting to speculate what they would do without their Royal income if they were house-hunting.
Based on Prince William's salary of £37,170 from the RAF, which is the couple's only job-based income since Miss Middleton left her job working for her parents' company earlier this year, the couple could afford a mortgage of £142,246. According to research by Santander, this could buy a 'rebuilt mobile home' in Windsor, a parking space in Westminster or a three-bedroom semi in either St Andrews, where they met, or North Wales.
While life in a semi may not be top of the glamour tree, at least it would prevent Wills and Kate becomimg "Kippers" (kids in parents' pockets eroding retirement income). This refers to young adults who refuse to leave home, act as a drag on parent's finances and reduce parents' chances of going "Ski-ing" (Spending the kids' inheritances).
Instead, let's hope that Wills and Kate join the new generation of "Yufties". The Yuftie is the child of recession and austerity, and stands for Young, Ultra Forward-Thinking Saver, a 20-something saving almost a fifth of their monthly salary for specific goals such as a house, a car or, heaven forbid, a pension.
Coming of age in the economic downturn has created a new breed of responsible, serious and ambitious 20-somethings, according to research from Barclays. Characterised by their focus on achieving life goals, these young adults have an engrained savings habit and a more responsible attitude to life than previous generations.
They are saving an average of £258 a month - or 17.7 per cent of their monthly salary - towards specific life goals they plan to achieve over the next 10 years. In addition to this, Barclays reckons tha tsavers in this age group currently have a savings balance of over £1,900. They are ahead of previous generations on achieving life goals and are urging their fellow 20-somethings to follow their lead, with 83 per cent saying their generation needs to get better at saving.
For savings goals longer than five years away (Eton school fees, perhaps), Wills and Kate should perhaps fly the flag and opt for a FTSE 100 tracker fund - the cheapest is the HSBC FTSE 100 Index fund with a total expense ration (TER) of 0.27 per cent and no initial charge, and a good tracking record. For shorter savings goals they could go for the Birmingham Midshires 5 Fixed Rate Isa, which offers 5 per cent AER.
Let's hope they sign pre-nuptials too, as up to half of all first marriages end in divorce, and the immediate family history isn't too promising. Since a 2007 Supreme Court ruling in favour of pre-nuptial agreements, they have grown in popularity. A high street pre-nuptial agreement can cost up to £1,000.
Meanwhile, looking forward to the next generation of Royals, almost one in five people (17 per cent of people surveyed by N&P) think that Wills and Kate will have a child within the next twelve months, although five per cent of people think that Kate might already be expecting, and a baby will arrive in under six months. Whichever outcome, the young prince or princess will be eligible for a Junior Isa, contributions to which can be used to fund tuition fees at St Andrew's University in 18 years' time.
