“Millennial couples are marrying later and are more financially savvy when they do,” according to Kristen Maxwell Cooper, Deputy Editor of The Knot. “Electronic and mobile payments are becoming the norm in all facets of life, so it’s no surprise that engaged couples want this option for their wedding vendors.”
Planning For The Big Day
For millennials, popping the question comes first, followed the wedding budget. In fact, 31% of survey respondents said they follow this process.
Although 45% of brides are responsible for handling the finances and budget process, less than 30% of couples said they split the responsibility in half. And surprisingly, more than half (65%) of the couples who participated in the survey said they do not factor in their honeymoon expenses.
Because brides are highly involved in the planning process, 65% admitted to overthinking their wedding budget and finances.
“Planning a wedding requires paying multiple vendors multiple payments over a long period of time,” noted PayPal’s wedding expert, Amanda Miller. “PayPal helps couples manage their payments and finances by offering them access to a secure digital wallet that includes products such as peer-to-peer payments and PayPal Credit.”
How Millennials Finance Weddings
The wedding finance survey found that nearly half of the couples “have had a number of difficult discussions regarding their wedding budget/finances.” In addition, 21% of the couples said they will use credit and spend more than their budget will allow.
Approximately 50% of the couples paid cash as needed during the wedding planning process, while the majority paid from a personal or joint bank account.
Other payment methods include:
– borrowed money from a credit card or financial institution (57%);
– paid with credit cards (36%); and
– borrowed money from a family member or friend (16%).
But turns out millennials want other payment options…
With everyone focused on the big day, 48% of couples said they worry about remembering to pay vendors on their wedding day.
To help calm their nerves, most couples (70%) think that automated payments for remaining balances on their would be helpful. In addition, 89% of couples said they “like the convenience of paying vendors electronically.”
More than 40% of the couples were surprised to know many of their vendors did not accept electronic payments, while 44% wish they had the option to pay vendors via their smartphones.