By Patrick Baron
BLOOMINGTON – A new survey shows people are less likely to spend a large amount of money on their wedding.
The Country Financial Security Index survey illustrated how Americans evaluate the worth of large expenditures. With the national average cost of a wedding being $30,000, Country Financial representative Matt Potts explained it’s no surprise people are spending large sums of money on other financial ventures.
“In the survey, about 63 percent said that [large weddings] wasn’t worth it anymore,” said Potts. “They found saving for different things is a better option for them than a big, expensive wedding.”
The survey revealed people are choosing to save up to purchase property as opposed to a wedding. Potts said while people may lean more towards saving for a home or to fund their education, the final fiscal decision remains in the hands of the people.
“People are more apt to save for a home purchase now than they are for a wedding,” Potts explained. “Now we still do have a lot of clients that do save up that money and they’re prepared for it, but that’s part of planning and your priorities.”
The survey found a majority viewed a four-year college degree of securing a post-graduate degree as worth the money. Home technology and luxury vacations joined wedding expenses near the bottom of the survey.
Patrick Baron can be reached at [email protected].
