Provident Bank has unveiled the results of its 2023 National Wedding Spending Survey, which aims to gain insights into how couples are financially planning for their weddings amidst economic fluctuations, inflation, and other considerations.
The survey was conducted by Pollfish and is based on 1,000 responses.
“The survey provides a unique perspective on how consumers are modifying their wedding budgets and seeking financial solutions in response to the evolving economic landscape,” said Vito Giannola, executive vice president, chief retail banking officer. “Weddings are a significant, and oftentimes costly, milestone and come with various financial considerations. The findings from our survey offer valuable insights for banks as well as customers, as we found that couples are turning to their banks and financial advisors during major financial decision-making moments for suitable options tailored to their needs.”
When asked how they anticipate the impact of rising costs associated with weddings, survey respondents expressed concern, with 85% reporting that wedding expenses will impact their overall financial well-being.
A considerable percentage of couples are seeking financial advice to manage their wedding expenses effectively; 53% of respondents stated that they either have spoken or plan to speak with their bank or financial advisor about financing options for their wedding.
Several factors influenced couples’ decisions to modify their wedding budgets. The survey asked participants to choose from a list of factors that contributed to their budgetary modification (respondents could choose as many factors as they wished that applied to their situation). Results revealed that 31% cited insufficient personal savings, 35% cited medical or emergency expenses, 17% attributed a change in budget to a recent job loss or financial setback, and 29% reported limited access to loans or credit.
In regard to how they would be paying for their weddings, respondents selected all options that applied: 46% said they would be relying on personal savings, 22% said they would be paying for their wedding by taking out a personal or home equity loan, 21% said they would be paying for their wedding with funds borrowed from a pension and/or 401(k), and 18% said they would be paying for their wedding by crowdfunding.
When asked what changes they made to stay within their budget or save money on their wedding, respondents said they were opting for cost-saving wedding attire, downsizing their guest lists, decorating themselves, using a cash bar, and eloping. Over half of couples reported that they were cutting traditional wedding customs to reduce costs on their wedding celebrations.
The following is a list of additional survey findings:
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