According to a survey by Equation Research, more and more couples are taking a closer look at each other’s finances before walking down the aisle. The survey reported that 85 percent of brides say financial compatibility is important, with nearly half saying it is very important.
When it comes to managing personal finances within a marriage, brides and brides-to-be prefer not to be surprised for better or for worse. According to the survey, more than six in 10 said that they started discussing marriage finances before their engagement.
“Considering the challenging economic times that have impacted all Americans, it is not surprising that our research reveals that financial compatibility is carefully considered by couples getting ready to exchange vows,” said Caryn Kaiser, general manager, Chase Card Services. “The data suggests that engaged and married women strongly believe that it is important to have the same goals and open communication about their personal finances, whether good or bad.”
Truly a Family Affair
According to the results, new norms of paying for a wedding have been established against the backdrop of the current challenging economic times.
The survey reveals that wedding costs are spread across the family. While an overwhelming 91 percent of brides contribute to the wedding, their contribution only accounts for 29 percent of the wedding on average. Three out of four (75 percent) parents of the bride pay for a portion of the wedding, making up for approximately 33 percent of costs.
Smart Wedding Planning
The survey confirms the average cost of a wedding has declined slightly, as couples prioritize their spending and cut costs.
Planning for a wedding requires multiple large purchases in a short period of time. Couples financing their wedding with credit cards appear to be putting a financial plan in place to borrow wisely. Nine in 10 of these credit card users expect to have paid off their wedding-related purchases within a year, including more than a third who plan to pay everything off within three months.
“Today’s bride is a mindful borrower, with a plan in place to keep their finances on track well after the wedding,” said Kaiser. “Chase Blueprint helps these customers manage their spending and borrowing, allowing them to set up a simple plan to pay off large purchases that saves them money on interest.”
Looking at specific ways to trim costs, brides cite a variety of things they did or planned to cut back on to reduce the overall cost of the wedding. Sixty-four percent said they would scale back on invitations, 60 percent on flowers, 47 percent on the guest list and 41 percent on reception liquor. Just one in four brides, however, is willing to skimp on either the honeymoon or wedding attire.
More information about Chase is at www.chaseblueprint.com.
What percentage of wedding costs did/will you, your fiancé/spouse, your family, his family and/or friends cover
My family’s contribution 33%
My contribution 29%
Fiancé’s/spouse’s contribution 26%
Fiancé’s/spouse’s family’s contribution 10%
These days, paying for a wedding is a multifamily affair.