Nationwide Survey Finds 85% of Americans Say Rising Wedding Expenses Will Impact Financial Well-Being
September 12 2023 - 8:00AM
Provident Bank, a leading New Jersey-based financial institution,
has unveiled the results of its 2023 National Wedding Spending
Survey. The survey aimed 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, a market research
provider, on behalf of Provident Bank. The findings are 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:
- 72% of respondents said their budgets would be under
$50,000.
- Of the respondents who adjusted their wedding budget due to
rising costs from inflation and insufficient personal savings
funds, they selected all options that applied:
- 40% are downsizing their guest list.
- 40% are opting for cost-saving wedding attire.
- 34% are getting married on a weekday, Sunday, or off-peak
time.
- Of the couples who reported that they would be cutting
traditional wedding elements and/or customs to reduce costs on
their wedding celebrations, respondents selected all options that
applied:
- 33% are opting out of a honeymoon, 40% are cutting out wedding
favors, 49% are opting out of a formal dinner, 34% are opting out
of bridal party gifts, and 31% are opting out of printed
invitations and/or stationery.
About Provident Bank
Provident Bank, a community-oriented financial institution
offering “Commitment you can count on” since 1839, is the wholly
owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS),
which reported assets of $14.03 billion as of June 30, 2023. With
$10.26 billion in deposits, Provident Bank provides a comprehensive
suite of financial products and services through its network of
branches throughout northern and central New Jersey, as well as
Bucks, Lehigh and Northampton counties in Pennsylvania and Nassau
and Queens Counties in New York. The Bank also provides fiduciary
and wealth management services through its wholly owned subsidiary,
Beacon Trust Company, and insurance services through its wholly
owned subsidiary, Provident Protection Plus, Inc. For more
information about Provident Bank, visit www.provident.bank or join
the conversations on Facebook (ProvidentBank) and Twitter
(@ProvidentBank).
Media Contact:
Keith BuscioFVP/Director, Public Relations &
CommunicationProvident
Bank732-590-9407Keith.buscio@provident.bank
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