While the B.C. wedding season might be wrapping up, the costs associated with it will likely be sticking around for much longer.
Wealthsimple recently conducted a survey, asking over 1,200 of its customers about the cost of weddings — both as a host and a guest.
And, somewhat unsurprisingly, it found that B.C. weddings are far more expensive than anywhere else in Canada. The median wedding was between $40,000 and $59,999, far higher than the national median of about $25,000.
In B.C., nearly 55 per cent of couples reported spending more than what they budgeted, and nearly 60 per cent said that paying for their wedding “was somewhat or very stressful.”
Further, 47 per cent of B.C. respondents said they put wedding expenses on their credit card, compared to 26 per cent nationally.
“B.C. is a high-cost province,” said Vriti Panwar, a lead advisor in wealth management for Wealthsimple, in an interview with Daily Hive.
“When the cost of living is so high in the province compared to the other provinces in Canada, the base starting point becomes higher as well. The venue cost becomes higher. The accommodation for the guests becomes higher. Catering is higher. Higher servicing costs. And that’s why we see that the number spikes up a little bit more in B.C.”
How to plan a wedding without blowing your budget?
For couples figuring out their budget for their big day, Panwar said that communication is key to figure out what a realistic wedding looks like for them. She also suggested including a buffer to account for the fact that they might go over budget.
“It’s important to evaluate the trade-offs of, ‘This is what I’m spending on my wedding without sacrificing the other financial goals I have for myself.'”
She said it’s important that couples communicate with each other about their other major financial goals, like buying a home together.
It’s also important they communicate this with their family. In fact, the survey found that almost three-quarters of B.C. couples “felt pushed to spend more than they were comfortable with.”
“There’s a lot of pressure baked into the wedding. I think a lot of the time the cost becomes higher because you have your family expectations, your loved ones are seeing this day a certain way,” said Panwar.
And for couples saving up for a wedding, Panwar said that “the earlier you start, the better.”
For example, if a couple knows that they’ll be getting married in two years, they have “quite some time” to save towards the big day.
Further, Panwar pointed out that many couples are choosing to have smaller, more affordable weddings, with nearly 15 per cent inviting less than 25 people.
It’s getting pricey to be a wedding guest, too
As wedding guests can likely attest, it isn’t cheap to attend a wedding, either. According to Wealthsimple’s survey, 26 per cent of B.C. respondents reported spending $1,000 to attend a single wedding, and 15 per cent said they took on debt to do so.
Over 40 per cent of B.C. wedding guests and wedding-party members reported turning down a wedding or pre-wedding event due to cost.
Panwar said that as a wedding host, it is helpful to give your guests flexibility so they can choose whether or not they want to attend all of the associated wedding events.
“If I’m giving up my other financial goals to attend like my friend’s wedding or my family’s wedding, it doesn’t always make sense,” she said.
Another survey that TD conducted earlier this summer found that 48 per cent of B.C. residents said cost was a factor when they decided whether or not to attend a wedding.
Leslie Logan, a senior financial planner with TD, told Daily Hive that a wedding invitation often comes with more expectations than just the wedding itself: it can involve a bachelorette or bachelor party, bridal shower, travelling, outfits, accommodations, gifts, and more.
She attributed some of this to people’s increased use of social media and “being inundated with the gram or the feed,” and the fact that weddings have become “more and more elaborate.”
“We are in the age of comparison, of FOMO, so it’s easy to get caught up in that,” Logan said.
But she added that it is important to stay on your own path and set boundaries for yourself.