Once upon a time, couples who were getting married used to rely on their parents to pay for the big day.
Today, some couples still do so, but the trend is definitely on the decline, according to research from outsourcing company Serviceseeking.com.au.
They found that 32 per cent of weddings that have occurred since 2011 had parents contributing to the bill. That compares to 56 per cent for those who married in the 1970s and 44 per cent of weddings in the 1990s.
Couples are increasingly turning to credit cards to fund their big day, with 13 per cent who married since 2011 saying they put aspects of their wedding on the plastic. A further six per cent took out a loan to help to pay for their weddings.The majority of newlyweds said that they saved up to have their dream wedding, with 81 per cent saying they saved at least part of the costs.
Serviceseeking.com.au CEO, Jeremy Levitt said: “Even though our research shows that the average cost of a wedding is down with 45 per cent spending no more than $10,000, that’s still a lot of money to find in today’s expensive world.”
“Some parents have started to hold back, but many who are financially able are still more than willing to chip in,” he said.
“But for many it is unaffordable with adult children living in the family home for longer.
“Perhaps today’s bride and groom are more socially concerned with spending other people’s money, hence the downturn in wedding budgets.”