Survey Finds 45% of Newlyweds Went Into Debt for Their Wedding
And one in four newlyweds wish they spent less money on their big day.
Sure, weddings are about love, tradition, and setting loose on the dance floor, but there's no denying that hosting one can make a significant impact on your finances.
Recently LendingTree surveyed 506 Americans between the ages of 18 and 53 to find out just how common going into debt for a wedding is. They found out that 45% of the respondents who were married within the last two years went into debt for their wedding, and 76% of those individuals said that they argued about wedding costs with their partner. (By comparison, only 20% who avoided going into debt for their wedding said they argued about wedding-related expenditures.)
Meanwhile, 47% of newlyweds who went into wedding debt said that money caused them to contemplate divorce, compared to only 9% of couples who did not go into the red for their big day. And those who went into debt for their wedding reported a not-so-happily-ever-after: 36% of those respondents said they argue with their partner about money, with only 11% of couples without any wedding debt reporting such arguments.
Overall, one in four newlyweds said they wished they spent less money on their wedding day, citing their biggest regret as spending too much on food and beverages, or their wedding venue. While money can be a huge stressor, it wasn't the #1 source of stress, with 32% of respondents saying that family was the most difficult thing to deal with when planning their nuptials. Read the full report on LendingTree.com here.
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If you're already married, was money the biggest source of stress when planning your wedding day or was navigating family drama more difficult?