Wedding budget boost: Parents contribute over $6K on average
Some parents are contributing generously towards their children's wedding festivities, according to new research by Finder.
A Finder survey of 1,071 respondents revealed 11% of Australians – equivalent to 2.3 million people – have either gotten married in the past 5 years or plan to do so in the next 12 months.
Of those who have tied the knot or plan to get hitched in the next year, their parents contributed or plan to contribute $6,466 on average.
The research found 1 in 10 (10%) received or will receive more than $20,000, while 1 in 3 (36%) received or will receive nothing towards their ceremony.
Rebecca Pike, money expert at Finder, said planning a wedding can come with a hefty price tag.
"Wedding costs can easily blow out into the tens of thousands of dollars which is simply out of reach for most Australians.
"Family contributions can be a huge help, but not everyone has the luxury of the bank of mum and dad."
Interestingly women are receiving nearly double that of their male counterparts – with parents contributing or planning to contribute $8,151 to their daughters, compared to $5,125 on average to their sons.
The average wedding in Australia costs $35,000, but that could cost you more than a million in terms of lost interest, according to Finder analysis.
Pike said that parents forking out $6,466 on average shows how significant a life event a child's wedding is for a family.
"Most people don't have $6K in between their couch cushions.
"Many families do a lot of financial planning and saving to pay for their kid's big day."
Pike said it's important to set a realistic budget and put together a spending plan.
"If parents are kind enough to contribute, financial transparency is key. Parents should communicate their budget – whether you're going to give a set amount, or cover specific expenses, be precise.
"Equally, the bride and groom should be upfront about their plans and expectations.
"Establishing this all early on will help you avoid misunderstandings and resentment.
Pike said social media can fuel unrealistic expectations, leading to overspending on unnecessary frills.
"By being realistic about your budget and prioritising what truly matters, you can plan a beautiful celebration that won't leave you in debt," Pike said.
| Which of the following apply to you? | |
|---|---|
| I got married in the last 5 years | 7% |
| I'm planning to get married in the next 12 months | 4% |
| None of the above | 89% |
| Source: Finder survey of 1,071 respondents, April 2024 |
| How much did your parents contribute / will they contribute? | |
|---|---|
| Women | $8,151 |
| Men | $5,125 |
| Source: Finder survey of 1,071 respondents, April 2024. Numbers reflect an average spend of the 118 respondents who got married in the past 5 years or will be getting married in the next 12 months. |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,071 respondents from April 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
- The survey has been running monthly since May 2019.
