Couples may find their pile of wedding presents looks rather small if they tie the knot this year.

This is because, according to new research, many people are planning to cut back on the amount of money they spend on gifts for their loved ones on their big day.

A poll conducted by LV= revealed that 25 per cent of Brits claims they cannot afford to spend as much on a wedding present for friends or family this year.

On average, men are planning to spend £62 while women are not quite as generous, coughing up £40 for a present.

John O'Roarke, managing director of LV= home and travel insurance, says: "Weddings are clearly an expensive affair - but not just for the bride and groom. Despite the recession this research shows that the average couple will spend over £300 per wedding they attend."

Meanwhile, Sainsbury's Finance revealed last week that during the first four months of 2009, the level of borrowing for weddings reached £113 million in the UK.