Financial Setbacks for Engaged Couples, Ameritrade Reports
Financial Setbacks for Engaged Couples, Ameritrade Reports
The majority of couples who are currently engaged are planning to pay all of their wedding expenses without asking for any financial assistance from their parents. Moreover, almost one half of engaged couples are planning to spend lower than $10,000 on their wedding day. This is according to a recent report from TD Ameritrade Holding Corp.
Moreover, the report also found out that the majority of lovers do not regard as deal-breakers setbacks such as bad credit, foreclosures, student loan debt, and unemployment.
In the end, the major problem is bankruptcy. In fact, over 3 out of 10 engaged people said that it would be one of the reasons to cancel the wedding. In addition, 27 percent said that they would reschedule the wedding.
According to Carrie Braxdale, managing director of investor services of Ameritrade, more couples are getting married in the latter part of their lives. Consequently, they are creating more financial problems into their marriage such as credit card debt and student loan debt.
The areas where couples are likely to have very high expenses for their wedding day are the Northeast, and then next to that is the West. The majority of people begin to set aside money in the same year prior to the wedding. On the other hand, 9 percent begin saving money for the wedding more or less two years beforehand.
Ameritrade also discovered that 41 percent of couples below 31 years old asked financial assistance for their wedding expenses from their parents, while 21 percent of older couples ask help from parents.
Based on data from wedding website The Knot, wedding funds are getting bigger for the first time since the year 2008 at the same time as the improving economy. Another report from XO Group Inc. last March discovered that 11 percent of couples have expenses exceeding $40,000.
With the exception of honeymoon expenses, the average cost for a wedding was $27,021. The most costly place to have a wedding is in Manhattan, with average costs of $65,824.
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