Nearly half of Canadian millennials find the cost of attending weddings financially stressful
Weddings are undoubtedly expensive, and for many Canadians, it’s not just the ones saying “I do” that are feeling the pressure.
A new report from BMO found that 40 per cent of Canadians say attending weddings for friends or family is a major source of financial stress. That figure climbs to 49 per cent for millennials.
According to the survey, Canadians expect to spend an average of $1,530 to attend a wedding. That includes travel and accommodations ($577), clothing ($446), food and drinks ($381), and other expenses.
The cost of the wedding itself also adds up. Canadians estimate the average wedding costs $19,000, with the biggest expenses being:
- Food and drinks: $4,884
- The venue: $4,201
- Wedding attire: $2,951
- Travel and accommodations: $2,834
- Decorations: $1,713
- Entertainment: $1,603
- Photography: $1,648
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Nearly two-thirds (63 per cent) also said being married involved more financial planning than they expected.
The survey suggests that while many Canadians plan for the cost of a wedding, fewer are prepared for the financial impact if a marriage ends.
Among Canadians who are divorced or separated, 60 per cent say the cost of ending their marriage was higher than expected, while 66 per cent said they had to make significant lifestyle changes as a result, including downsizing their home, cutting discretionary spending, changing jobs, or working more hours.
The average cost of a divorce or separation was estimated at $4,863, not including asset losses or ongoing support payments. Nearly one in five respondents said their divorce cost more than $10,000, including seven per cent who spent more than $25,000.
Legal fees were the most commonly cited unexpected expense, followed by setting up a new household and child-related costs.
“Many Canadians spend months and even years planning for a wedding, but fewer take the time to plan for the financial realities that can arise throughout a marriage and during major life changes,” said Anthony Tintinalli, head of specialized sales, BMO.
“Financial planning should not end at ‘I do’; it’s also about building resilience for unforeseen events and unexpected costs.”
The survey also found 84 per cent of Canadians did not meet with a financial advisor before getting married, while 77 per cent said they do not have a marriage contract or prenuptial agreement.