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- One-third of people who have been in a wedding party in the past two years said they went into debt for bridal-party related expenses, according to a recent survey by CompareCards.
- Being in a wedding party can cost a few thousand dollars and, in some cases, the relationship with the bride.
- For an age group that’s lagging behind financially, it’s hard to shell out that much money.
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Weddings come with a lot of dollar signs – but not just for the bride and groom.
The wedding party, too, is often faced with exorbitant costs – sometimes to the point of digging them into debt. In fact, a third of people who have been in a wedding party in the past two years went into debt for bridal-party related expenses and said they regret doing so, according to a recent survey by CompareCards. That includes maids of honor, bridesmaids, best men, and groomsmen.
The survey polled 713 Americans ages 18 to 35 who have been in a wedding in the past two years. Sixty-eight percent of respondents used a credit card to pay for wedding party expenses, and 37% charged more than $1,000 on their credit card. Bridesmaids and maids of honor were most likely to use their credit card; the latter was most likely to take on debt and regret it.
According to the survey, attire was the most expensive wedding-party related purchase, followed by bachelor and bachelorette parties.
But being in a wedding party also comes with non-monetary costs: More than half of bridesmaids and maids of honor said they felt pressure to spend, and that it strained their relationship with the bride.
Meanwhile, half of the surveyed groomsmen said they felt financial pressure, as did 43% of groomsmen. Overall, 51% of wedding party members cited financial pressure, and nearly half said it came from the bride.
As Business Insider contributor Stephanie O’Connell points out, at age 27 – the average age of first marriage for women in the US – many people are still just trying to get ahead – “establishing careers, breaking the cycle of paycheck to paycheck living, paying down student loans, and trying to build up some savings,” she wrote.
Saving is especially hard, as millennials are financially behind thanks to increased living costs and the fallout from the recession. More than half of millennials have less than $5,000 saved, according to an INSIDER and Morning Consult survey.