{"id":3997,"date":"2023-08-08T08:00:00","date_gmt":"2023-08-08T06:00:00","guid":{"rendered":"https:\/\/natixis.ezine.intercountry.com\/?p=3997"},"modified":"2023-08-07T13:40:43","modified_gmt":"2023-08-07T11:40:43","slug":"high-wedding-costs-are-changing-millennials-and-gen-zs-minds-about-marriage","status":"publish","type":"post","link":"https:\/\/natixis.ezine.intercountry.com\/index.php\/2023\/08\/08\/high-wedding-costs-are-changing-millennials-and-gen-zs-minds-about-marriage\/","title":{"rendered":"High Wedding Costs Are Changing Millennials\u2019 and Gen Z\u2019s Minds About Marriage"},"content":{"rendered":"\n

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By Jessica Bishop | Wealth<\/span> of Geeks undefined<\/p>\n

Wedding bells may be ringing less frequently as 73% of young adults find it too expensive to get married in the current economy. A new study highlights<\/span> shifting<\/span> attitudes towards marriage from Millennials and Gen Z, with 2 in 5 viewing it as an outdated tradition. These changing perspectives and rising wedding costs have prompted<\/span> many to rethink their approach to marriage.<\/p>\n

Survey Shows a Shift<\/span> in Marital Mindset<\/span><\/p>\n

Recent statistics from the U.S. Census Bureau in 2022 revealed that more than 1 in 3 (34%) individuals aged 15 years or older had never been married, marking a significant increase from approximately 1 in 4 (23%) in 1950.<\/p>\n

This shift<\/span> prompted the Thriving Center of Psychology to investigate why fewer individuals are walking down the aisle<\/span>. They surveyed Millennials and Gen Zers who are currently in a relationship but unmarried. The findings shed light<\/span> on their perspectives and insight<\/span> into the factors influencing their choices.<\/p>\n

Weddings Are Expensive<\/p>\n

The high cost of weddings is a significant deterrent for many young adults, with 73% considering it too expensive to tie the knot<\/span>. With the average wedding cost soaring<\/span> to over $30,000 in 2022, couples find it more challenging to plan an affordable wedding.<\/p>\n

A considerable portion of this demographic is opting out of marriage altogether, with 1 in 6 reporting they are not planning on getting married, ever. Of those respondents who choose to live with a partner instead of getting married, 1 in 4 individuals have faced judgment from family or friends.<\/p>\n

Is Marriage Really Necessary?<\/p>\n

Beyond financial considerations, changing societal attitudes play a role in the declining popularity of marriage among younger generations. A significant 85% of Millennials and Gen Zers believe marriage is unnecessary for a fulfilled<\/span> and committed relationship. Moreover, nearly 70% of respondents find it intrusive when asked about their marriage or plans to have children.<\/p>\n

Marjolein Dilven, 28, the blogger behind Radical FIRE, feels similarly. “I’ve been with my partner for 8 years now, and many of our friends are getting married,” she says. But she and her partner view their relationship as complete as-is<\/span>.”<\/p>\n

“Plus, we don’t want to spend the money to get married,” Dilven adds.<\/p>\n

We Already Live Together<\/p>\n

More than 3 in 5 unmarried couples live together, showcasing<\/span> a shift<\/span> towards cohabitation. While 65% of Millennials have taken this step<\/span><\/span>, only 35% of Gen Zers have followed suit<\/span><\/span>. Many couples choose to move in together for various reasons, including the desire for companionship and financial stability, often even before being together for a year.<\/p>\n

While the vast majority of respondents (83%) expressed a desire to marry eventually, many of them are quick to do so. This hesitation indicates a significant shift<\/span> in attitudes toward marriage among young adults.<\/p>\n

Another thing that keeps couples from heading down the aisle<\/span> is the fear<\/span> of their marriage eventually ending. A notable 47% of those surveyed are afraid of potentially getting divorced. According to a 2022 Harris Poll, 15% of couples today draft<\/span> prenuptial agreements before they say “I do” as a precaution.<\/p>\n

Moving In Is Cheaper<\/p>\n

Monetary considerations significantly impact living arrangements, with more than half of the couples who moved in together citing financial reasons. Notably, 37% of respondents feel their relationship is economically unequal, indicating disparities in financial responsibilities. Around 1 in 5 couples share a bank account, while 1 in 6 share a credit card.<\/p>\n

According to a Pew Research Center survey, more than half of cohabiting adults see living together as a step<\/span><\/span> toward marriage. And those younger than 30 are more likely to believe that living together before marriage gives them a better chance at a successful union.<\/p>\n

Inflation Doesn’t Help<\/p>\n

The cost of weddings continues to rise, further deterring young adults from pursuing marriage. The average price of a wedding in 2022 was $30,000, according to the most recent study from wedding conglomerate The Knot, reporting a $2,000 increase from the previous year.<\/p>\n

There is only so much couples can do to reduce wedding expenses aside<\/span> from drastically cutting their guest list. Swapping digital wedding invitations for printed ones or purchasing a pre-owned gown instead of a new one can help offset<\/span> higher spending in other areas.<\/p>\n

Inflation has escalated expenses across various aspects of wedding planning, contributing to the growing financial burden<\/span> on couples. When costs increase across the board<\/span>, it can be hard to out-save the rate at which prices rise.<\/p>\n

Different Values and Priorities<\/p>\n

In light of these changes, many couples are also shifting<\/span> their priorities and finding other uses for their hard-earned dollars that are more long-lasting. Bella Bucchiotti, 26, lifestyle content creator at xoxoBella, shares that buying and renovating a home together was a bigger priority for her and her partner than an expensive wedding. Though they plan to tie the knot<\/span> this fall, they’ve opted to elope rather than throw a traditional celebration. It’s mostly because a wedding doesn’t seem like a good use of money right now,” says Bucchiotti.<\/p>\n

Dilven and her partner love to travel and have taken several<\/span> months-long trips during their relationship. “We’ve spent thousands of dollars on these trips, and we’re so much happier spending them on months of traveling rather than having a wedding.”<\/p>\n

Rising Costs and Changing Attitudes<\/p>\n

The combination of skyrocketing<\/span> wedding costs and evolving attitudes toward marriage is reshaping the choices of the younger generations. With a majority finding getting married too expensive and a significant portion viewing it as an outdated tradition, these generations increasingly opt for cohabitation and prioritize financial stability over traditional marital commitments.<\/p>\n

As financial considerations and societal shifts<\/span> continue to influence relationship choices, the landscape<\/span> of marriage is undergoing a significant transformation.<\/p>\n

This article was produced by Media Decision and syndicated by Wealth<\/span> of Geeks.<\/p>