69% of married couples felt ‘pressured’ to blow past wedding budget: survey
More than 1,200 people surveyed regarding the costs of weddings, regardless of whether they were paying for their own or turning up for someone else's.
A recent Wealthsimple survey reveals that 69% of married Canadian couples felt "pressured to spend more than they were comfortable with" during their wedding planning process. Of the more than 1,200 individuals surveyed, 6% spent "somewhat under budget" and only 1% reported spending "very under budget." The average couple had budgeted $15,000, largely from personal savings, but the final bill averaged $25,000—a "midpoint" as many weddings actually cost closer to $37,000.
Many couples turned to alternative funding sources, with 28% relying on family, 26% using credit cards, and 9% taking out a line of credit. Nearly a third (32%) of newlyweds noted that "money became a point of tension with their family and friends during the wedding planning process." Guests and wedding-party members also reported feeling "financially stressful" attending weddings, with 36% having turned down at least one wedding or pre-event invite in the past three years and 22% spending over $1,000 to attend a single wedding.
Twenty-two percent of wedding guests spent at least $2,000 to attend, and 14% ended up taking on debt to do so.
Written by urgent.news from Global News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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