Women appear to be more frugal when considering the cost of a wedding.
Millionaires did not get to be millionaires by profligate spending. More than eight-in-ten rank frugality as one of the primary contributors to their financial success, behind hard work, education and smart investing, according to a 2013 wealth level study of Millionaire households conducted by Spectrem’s Millionaire Corner.
But what about special life events such as a wedding? Personal spending surveys conducted by Spectrem’s Millionaire Corner find that Millionaires will certainly loosen the purse strings for this special day, but they do blanche at the soaring costs.
This year’s annual survey conducted by TheKnot.com and WeddingChannel.com found that wedding budgets have risen to an unprecedented high in the last six years, with the average wedding coming in at $28,427 (not including honeymoon).
The highest percentage of Affluent investors surveyed by Spectrem’s Millionaire Corner (27 percent) believes that between $10,000 and $20,000 is an appropriate amount to spend on a wedding, while 18 percent believe spending between $20,000 up to $30,000 is not out of line. Deciding on a budget for a wedding can be a major decision. A financial advisor can help you determine what you can spend on big-ticket items like weddings. To find an advisor, use Millionaire Corner’s Best Financial Advisors service.
Women appear to be more frugal when considering the cost of a wedding. The highest percentage of women (26 percent) said that between $5,000 up to $10,000 was an appropriate amount to spend on a wedding, compared with 21 percent of men. And almost 24 percent of Affluent women (24 percent) said that spending between $10,000 up to $20,000 was appropriate for a wedding, compared with 29 percent of men.
Millionaires, both practical and romantic, were most likely to cast a dubious eye on destination weddings because of the financial burden it can place on attendees and because it can distract from the true meaning of the ceremony, our survey found.
When it comes to wedding gifts, the highest percentage of Millionaire households (41 percent) believe that $100 up to $200 is generally appropriate to spend on the wedding gift for a close friend or family member. In comparison, nearly half (48 percent) of those with between $100,000 and $500,000 net worth and 43 percent of those with between $500,000 and $1 million net worth think this an appropriate amount.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.