It is not surprising that weddings can be a financial burden, especially for younger generations who may be at the beginning of their careers and have less disposable income. Weddings can be expensive, both for the couple getting married and for their guests, who may be expected to cover the cost of travel, accommodation, and gifts.
Understandably, some people may feel pressure to spend more on weddings and other life milestones than they can afford, leading to financial stress. Individuals need to set financial boundaries and prioritize their financial goals while understanding and supporting their friends and family’s needs and desires.
According to a recent study, 46% of Millennials and 48% of Gen Z feel that they could focus more on their financial goals if they did not have to spend so much on friends and family members’ essential life milestones. The 2022 wedding boom made it difficult for everyone to keep up. Weddington Way conducted a survey recently and found the average cost for a bridesmaid in the U.S. is $1,695. This includes expenses such as the bridesmaid dress, travel and accommodation, and any pre-wedding events or parties. However, this is just an average, and the actual cost can be significantly higher or lower depending on the individual circumstances.
That begs the question – how to pay for a wedding when all your friends are getting married this year? Luckily, there are a few different things you can do to help you reach your financial milestones and celebrate your loved ones simultaneously.
Weddings appear to impact Gen Z and Millenials’ ability to achieve their financial goals. This makes it clear that the cost of weddings is a significant financial burden for many people in this generation. It is vital for individuals to carefully consider their financial situation and set appropriate boundaries when it comes to wedding-related expenses while also being supportive of their loved ones.