Survey Finds Bridal Party Expenses Can Put Serious Damper on Friendships
A new CompareCards.com survey shares how wedding party expenses are impacting us.
Serious question, everyone: Are bachelorette and bachelor parties keeping millennials from buying homes? Sometimes, it feels like they sure are.
A new survey from CompareCards by LendingTree found that 58% of bridesmaids felt pressured to spend money on bridal-party related expenses, with 32% of bridesmaids saying this financial pressure strained their relationship with the bride (for maids of honor those figures went up to 61% and 42%, respectively). Men, too, feel the monetary strains of being in the groom's entourage, with 43% of groomsmen and 50% of best men feeling the same as their female counterparts. The online poll surveyed 713 Americans between the ages of 18 and 53.
Other key highlights from the report? Attire was the biggest purchase for 32% of recent bridal party members, with a bachelor or bachelorette party trailing closely behind as the second most expensive purchase at 29%. A quarter of respondents said wedding-related travel for the big day was the biggest expense. Indeed, 37% of respondents have declined an invitation to be in a wedding altogether because of costs. A cautionary warning: Based on their survey results, a third of bridal party members in the survey incurred debt for a friend's wedding. For maid of honors, that percentage rose to 43%.
Of course, you may feel uncomfortable letting your friend know you can't afford to be in the wedding party. But regardless of what financial specifics you're dealing with, you should never feel guilty about politely declining being in the bridal party. "If you decide being in a bridal party is not something you can afford right now, that is understandable," writes Jacqueline DeMarco in a report summarizing the CompareCards findings. "Honesty is always the best policy, so being upfront with the bride or groom about what you can and cannot afford is the best place to start." Read the full article and survey results on CompareCards.com here.
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So, bridesmaids and groomsmen, let the record show: It's not all that avocado toast that's preventing you from buying your first home.