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.
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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.
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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.
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Rebecca Pike, money expert at Finder, said planning a wedding can come with a hefty price tag.
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"Wedding costs can easily blow out into the tens of thousands of dollars which is simply out of reach for most Australians.
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"Family contributions can be a huge help, but not everyone has the luxury of the bank of mum and dad."
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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.
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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.
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Pike said that parents forking out $6,466 on average shows how significant a life event a child's wedding is for a family.
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"Most people don't have $6K in between their couch cushions.
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"Many families do a lot of financial planning and saving to pay for their kid's big day."
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Pike said it's important to set a realistic budget and put together a spending plan.
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"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.
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"Equally, the bride and groom should be upfront about their plans and expectations.
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"Establishing this all early on will help you avoid misunderstandings and resentment.
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Pike said social media can fuel unrealistic expectations, leading to overspending on unnecessary frills.
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"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.
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| 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 |
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| 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.
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