Fresh survey research by Empower reveals a majority of Americans aren’t willing to borrow money for a walk down the aisle.
The "Maybe I Do" survey, conducted online by YouGov in June 2024, collected responses from 1,160 Americans aged 18 and older, providing insights into evolving attitudes toward wedding expenses.
While weddings are (ideally) once in a lifetime, the survey found they're far from priceless, with 74 percent of Americans saying they would avoid going into debt to fund their nuptials. What's more, around two in five (42 percent) agree that a wedding isn't worth splurging for.
The average wedding cost is projected to be $31,281 this year, marking an 11 percent drop from 2023’s average of $35,000. Millennials are estimated to spend the most on their weddings, averaging $51,130.
The study also highlights a trend of Americans prioritizing short-term wedding plans over long-term financial goals. Nearly 1 in 5 respondents admitted to spending more time preparing for their wedding than for their retirement.
The rising costs associated with weddings have also left many hoping to opt out of bridal party duties. Nearly half of respondents (48 percent) expressed a desire to avoid being part of a bridal or groomsman party this year, citing the significant expenses, which can reach $3,430 for attire and associated events.
Gift-giving is also a point of tension, with 45 percent of guests unsure of the appropriate amount to spend on a wedding present. On average, guests plan to spend $175, though there's a generation gap: Gen Z and Millennials reported expected gift costs of $275 and $238, respectively, compared to Gen X at $149 and Boomers at $98.
Additionally, the survey found that 71 percent of respondents would prefer to receive cash as a wedding gift to support their financial goals. About one-third expressed interest in giving or receiving stocks, with younger generations, particularly Gen Z and Millennials, showing the most enthusiasm.
The study further noted that 42 percent of Americans do not have savings set aside for major life events, including weddings, home purchases, or buying a car.
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