Engaged couples have been putting off big weddings more and more because of financial reasons, according to new research.
A new study of 5,000 married U.S. adults revealed that couples who were set to tie the knot are turned off by the rising costs of the big day. Many couples say the actual reception has become a financial burden instead of a fun affair and are satisfied with the idea that they want to get married, they just don’t feel like getting married.
One in three (30 percent) of couples engaged in the last two years had to delay their wedding for financial reasons, according to the study, done by engagement ring retailer James Allen.
People are still spending some money on engagement rings, the average amount being about $7,500, but when it comes to the actual wedding (guests, and DJ, food, and cake) they have little interest in breaking the bank.
Couples who did still plan weddings downsized them, and said they were happier in the end. Worrying about money on their wedding day ruined the actual day for many couples, they revealed.
Another odd money trend is that many couples are now splitting the cost of the engagement ring. And they are spending a little more on the engagement knowing they aren’t actually going through with a wedding.
“A decade ago, proposals and engagements were not as meticulously planned as they are today,” said JamesAllen.com Co-Founder and President, Oded Edelman. “Things that were rare in the past – like having a photographer present or adding a personal touch to the ring – have now become the norm among our customers as a larger importance is placed on the proposal itself.”
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