Well, colour me surprised. The latest survey to come out regarding weddings has totally shifted the way most people view brides’ and grooms’ spending habits when it comes to their big day. Men are actually more likely to overspend on their wedding than women. Survey results show that while 4% of participants surveyed would be willing to or did take on debt for their wedding day, “the number of men was nearly twice as many as the number of women.” Move over bridezilla, groomzilla is here to stay!
While this low 4% may seem shocking to some, when you really think about it, it makes sense. Today’s generation is entering into new marriages and the workforce with the most debt in history. Post-secondary education is crippling to many young couples as they find ways to pay that debt off, save for a home and plan a wedding. Because of this, most young couples are smarter with their money and don’t want to start off their marriage further in debt.
As for the men vs. women factor, generally, women are primarily in charge of the day to day household finances and budgeting. They tend to be more practical with their purchases. Even if women have spent their childhood imagining the wedding of their dreams, most brides are willing to cut corners or take on DIY projects to find an affordable alternative. On the contrary, “Men tend to carry more credit card debt and higher mortgages while having a significantly higher rate of late payments”. They’re more inclined to make large purchases without thinking of the impact on their overall budget.
Another change in the wedding landscape that the study points out is that this generation’s male places a greater emphasis on love and friendship as opposed to status and power like the previous generation. So, Millenial grooms have a higher expectation for their weddings as it’s a celebration of what’s most important to them. They’re more inclined to spend the money on a celebration of love with friends, family and their spouse and create a memorable event.
To read more about the survey, head over to Business Insider here and check out a wedding spending infographic below! What do you think about the survey results? Are you or your spouse smarter with your wedding budget? Share in the comment section! We’d love to hear from you!
Photo Credit: Consolidated Credit Counseling Services Inc.