UK Wedding News
13/09/2011
Couples are taking a closer look at each other's finances before walking down the aisle, according to a recent survey released by Chase Card Services.
The Chase-BRIDES Wedding Finances Survey found that budget and bride go hand in hand in 2011, as couples evaluate the financial fitness of their potential mate.
Eighty-five percent of brides say that financial compatibility is important; with nearly half (47 percent) saying it is very important.
When it comes to managing personal finances within a marriage, brides and brides-to-be prefer not to be surprised for better or worse. According to the survey, more than six in 10 said that they started discussing marriage finances before their engagement.
"Considering the challenging economic times it is not surprising that our research reveals that financial compatibility is carefully considered by couples getting ready to exchange vows," said Caryn Kaiser, general manager, Chase Card Services. "The data suggests that engaged and married women strongly believe that it is important to have the same goals and open communication about their personal finances, whether good or bad."
According to the results, new norms of paying for a wedding have been established against the backdrop of the current challenging economic times. The Chase-BRIDES Wedding Finances Survey reveals that wedding costs are spread across the family. While an overwhelming 91 percent of brides contribute to the wedding, their contribution only accounts for 29 percent of the wedding on average. Three out of four (75 percent) parents of the bride pay for a portion of the wedding, making up for approximately 33 percent of costs.
The survey confirms the average cost of a wedding has declined slightly, as couples prioritise their spending and cut costs.
"More than ever, couples are adopting an innovative cost saving approach to wedding planning. This survey confirms that today's bride is working hand in hand with her family to afford and mark this major life moment," said BRIDES VP, Publisher Carolyn Kremins. "They are still intent on celebrating, but celebrating responsibly by defining priorities to keep their financial goals on target."
Planning for a wedding requires multiple large purchases in a short period of time. According to the Chase-BRIDES Wedding Finances Survey, those who will or did use credit cards to help with these expenses appear to be putting a financial plan in place to borrow wisely. Nine in 10 of these credit card users expect to have paid off their wedding-related purchases within a year, including more than a third who plan to pay everything off within three months.
"Today's bride is a mindful borrower, with a plan in place to keep their finances on track well after the wedding," said Kaiser. "Chase Blueprint helps these customers manage their spending and borrowing, allowing them to set up a simple plan to pay off large purchases that saves them money on interest."
Looking at specific ways to trim cost, brides cite a variety of ways they reduced the overall cost of the wedding: 64 percent said they would scale back on invitations, 60 percent on flowers, 47 percent on guest list and 41 percent on reception liquor. However, just one in four brides are willing to skimp on either their honeymoon or wedding attire.
The Chase-BRIDES Wedding Finances Survey, fielded by Equation Research on behalf of Chase Card Services, was an online survey of 697 engaged or recently married BRIDES readers. Chase conducted this panel survey with BRIDES readers to better understand how brides are approaching key personal finance decisions related to wedding planning, a major life stage that is critical for consumers as it requires extensive financial planning.
(GK/CD)
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Brides Seek 'Financial Compatibility' In A Soul Mate
Couples are taking a closer look at each other's finances before walking down the aisle, according to a recent survey released by Chase Card Services.
The Chase-BRIDES Wedding Finances Survey found that budget and bride go hand in hand in 2011, as couples evaluate the financial fitness of their potential mate.
Eighty-five percent of brides say that financial compatibility is important; with nearly half (47 percent) saying it is very important.
When it comes to managing personal finances within a marriage, brides and brides-to-be prefer not to be surprised for better or worse. According to the survey, more than six in 10 said that they started discussing marriage finances before their engagement.
"Considering the challenging economic times it is not surprising that our research reveals that financial compatibility is carefully considered by couples getting ready to exchange vows," said Caryn Kaiser, general manager, Chase Card Services. "The data suggests that engaged and married women strongly believe that it is important to have the same goals and open communication about their personal finances, whether good or bad."
According to the results, new norms of paying for a wedding have been established against the backdrop of the current challenging economic times. The Chase-BRIDES Wedding Finances Survey reveals that wedding costs are spread across the family. While an overwhelming 91 percent of brides contribute to the wedding, their contribution only accounts for 29 percent of the wedding on average. Three out of four (75 percent) parents of the bride pay for a portion of the wedding, making up for approximately 33 percent of costs.
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The survey confirms the average cost of a wedding has declined slightly, as couples prioritise their spending and cut costs.
"More than ever, couples are adopting an innovative cost saving approach to wedding planning. This survey confirms that today's bride is working hand in hand with her family to afford and mark this major life moment," said BRIDES VP, Publisher Carolyn Kremins. "They are still intent on celebrating, but celebrating responsibly by defining priorities to keep their financial goals on target."
Planning for a wedding requires multiple large purchases in a short period of time. According to the Chase-BRIDES Wedding Finances Survey, those who will or did use credit cards to help with these expenses appear to be putting a financial plan in place to borrow wisely. Nine in 10 of these credit card users expect to have paid off their wedding-related purchases within a year, including more than a third who plan to pay everything off within three months.
"Today's bride is a mindful borrower, with a plan in place to keep their finances on track well after the wedding," said Kaiser. "Chase Blueprint helps these customers manage their spending and borrowing, allowing them to set up a simple plan to pay off large purchases that saves them money on interest."
Looking at specific ways to trim cost, brides cite a variety of ways they reduced the overall cost of the wedding: 64 percent said they would scale back on invitations, 60 percent on flowers, 47 percent on guest list and 41 percent on reception liquor. However, just one in four brides are willing to skimp on either their honeymoon or wedding attire.
The Chase-BRIDES Wedding Finances Survey, fielded by Equation Research on behalf of Chase Card Services, was an online survey of 697 engaged or recently married BRIDES readers. Chase conducted this panel survey with BRIDES readers to better understand how brides are approaching key personal finance decisions related to wedding planning, a major life stage that is critical for consumers as it requires extensive financial planning.
(GK/CD)
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