U.S. adults prioritize wedding planning over financial goals such as paying down debt, buying a home and saving for retirement, according to Weddings & Money 2021: A Brides & Investopedia Study.
The online survey of 1,000 U.S. adults is a collaboration between Brides magazine and Investopedia, an online financial publication. The survey found many interesting facts regarding wedding planning and finances:
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- Most couples (63%) who are planning their weddings regularly talk about money, and nearly half (48%) already share joint financial accounts.
- The types of accounts vary, but among those who share financial accounts, checking (65%), credit card (47%) and investment accounts (32%) are the most common.
- Most couples (67%) carry debt. Among them, 84% plan to tackle at least some of that debt together.
- Most couples (87%) said they’ve put off at least one of their financial priorities in favor of wedding planning. This includes saving for a home, starting or growing a family, and saving for retirement.
- While 35% of couples said they are paying off debt, 21% have put off repayments in favor of their wedding.
- Despite how intertwined their money already is, only a third (33%) of engaged couples plan on signing a prenup before getting married.
- One in five U.S. couples say they will use loans or investments to help pay for their wedding, while 41% plan to use credit cards, charging $8,000 of wedding costs on average.
The Brides and Investopedia study data also shows delayed financial goals depend on age. For example, respondents younger than age 30 are more likely to put off saving for a home than older respondents, while 30- to 40-year-olds are most likely to put off saving for childcare or a child’s education, according to the study.
And survey respondents with a higher income (who earn more than $150,000 annually) are the most likely to put off at least one financial priority in favor of paying for a wedding.
“Couples planning weddings have become much more creative and resourceful when it comes to footing the bill,” Caleb Silver, editor-in-chief of Investopedia, said in a press release regarding the study. “The use of profits from selling investments and more reliance on low interest credit cards demonstrate a more sophisticated approach to paying for or financing a wedding than we have seen in years past.”
For more fact and information related to the study, read the article here.