LendingTree®, the nation’s leading online loan marketplace, released its study on newlyweds and wedding expenses. Approximately 45% of newlyweds between the ages of 18 and 53 went into debt to pay for their wedding. And once married, nearly half of the newlyweds who obtained wedding-related debt said money has caused them to consider divorce. On the flip side, only 9% of couples without wedding-related debt contemplate divorce.
Key survey findings:
- 45% of Americans ages 18 to 53 who were married within the last two years went into debt for their wedding.
- 76% of newlyweds who went into debt for their wedding say they argued about wedding-related expenses with their partner. Comparatively, only 20% of those who avoided wedding debt said the same.
- Nearly half (47%) of newlyweds who went into wedding debt say money caused them to contemplate divorce, compared to just 9% of couples who did not go into debt for their wedding.
- 36% of those who had wedding debt say they argue with their partner about money often, versus 11% of couples without wedding debt.
- 1 in 4 newlyweds wish they spent less on their wedding, and their biggest regret was spending too much on food and drink or the venue.
- For about a third of newlyweds (32%), family caused the most headaches during the wedding planning process. Money was the primary stressor for 28%, and 17% reported the guest list as their biggest headache.
Methodology: LendingTree commissioned Qualtrics to survey 506 Americans aged 18 to 53 that were married within the last two years. The survey was fielded online from April 15, 2019 to May 6, 2019. The overall margin of error for all respondents is +/-4%.
To view the full report, visit: https://www.lendingtree.com/personal/newlywed-debt-survey/
LendingTree stated in a statement that it “is the nation’s leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers’ credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money.”