CHARLOTTE, N.C., June 4, 2019 /PRNewswire/ -- A recent CompareCards survey found that the wedding party spending pressure is real, and it can take a toll on friendships. Fifty-eight percent of bridesmaids and 61 percent of maids of honor felt pressured to spend money on bridal party-related expenses, and a third of bridal party members incurred debt for their friend's wedding.
Key findings:
- Fifty-eight percent of bridesmaids and 61 percent of maids of honor felt pressured to spend money on bridal party-related expenses – and many say the financial pressure strained their relationship with the bride (32 percent of bridesmaids and 42 percent of maids of honor).
- Men felt the pressure too – 43 percent of groomsmen and 50 percent who were the best man said the same.
- The bride is the main source of financial pressure, according to 48 percent of bridal party members.
- A third of bridal party members incurred debt for their friend's wedding, including a whopping 43 percent of maids of honor and 38 percent of best men. Thirty-five percent of bridesmaids went into debt, and so did 30 percent of groomsmen.
- Overall, a third of people who have been in a wedding in the last two years say they regret the money they spent on doing so.
- Attire was the most expensive purchase for about a third (32 percent) of recent bridal party members, followed by the bachelor or bachelorette party (29 percent). A quarter said traveling to and from the wedding was the biggest expense.
- Thirty-seven percent have declined an invitation to be in a wedding because of costs.
"A wedding is the first day of the rest of your life, but it can also be the beginning of the end of a friendship if you're not careful," said Matt Schulz, Chief Industry Analyst at CompareCards. "If you're the bride or groom, be reasonable in what you expect of your friends and family. If you're in the bridal party, be honest about what you can afford. Also, start early on your financial plan for the wedding. Ask the bride or groom what costs will be expected of you and make a game plan for what events you'll be participating in and how you'll pay for them."
To view the full report, visit https://www.comparecards.com/blog/survey-bridal-parties-pressure-spend-money/.
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About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.
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SOURCE CompareCards