Couples planning to marry in the next five years expect to spend an average of $14,281 on wedding expenses, the report states, adding that weddings costing up to $20,000 are “not uncommon.”
The survey, conducted by Pollara, ranked the main financial obstacles on the road to becoming newlyweds for couples getting married in the next five years. It revealed:
- Housing costs ranked as the top barrier (34 percent)
- Employment status—meaning either unemployment or underemployment—ranked number two, with one-quarter citing it as a barrier (24 percent)
- Another 23 percent cited overall debt as a barrier
The survey also found that fewer couples are expecting help from family to cover wedding expenses:
- Soon-to-be newlyweds expect to cover, on average, half (53 percent) of their wedding costs with money saved themselves
- Those married more than five years ago depended more on family to cover costs than those planning to wed in the next five years (34 percent versus 19 percent)
- However, those planning to marry soon are slightly more likely to rely on cash gifts than couples married longer (10 percent versus 6 percent)
| Covering wedding expenses |
Soon to marry |
|
Recently married |
|
Married longer |
|
| Savings by couple |
53% |
|
59% |
|
54% |
|
| Family |
19% |
|
20% |
|
34% |
|
| Cash gifts from wedding guests |
10% |
|
8% |
|
6% |
|
| Loan or line of credit (LOC) |
9% |
|
5% |
|
2% |
|
| Credit card |
6% |
|
6% |
|
3% |
|
To manage rising wedding costs, soon-to-wed couples are employing a number of strategies to save money, including:
- Having a smaller wedding (65 percent)
- Making their own decorations, centerpieces or invitations (59 percent)
- Getting a friend to act as DJ or photographer (50 percent)
- Holding the wedding on a less popular day or season (35 percent)
- Having a destination wedding (19 percent)
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June 25, 2013 at 09:24 AM
