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It may be the happiest day in a couple’s life, but weddings are apparently wrecking havoc on their friends and family, mainly because of money.
Results from a new survey conducted by Credit Karma found that nearly a quarter of Gen Z and Millenials are losing some of the loved ones over the financial obligations associated with attending a wedding or wedding-related event (23%).
Weddings that were postponed during the pandemic have come back with a vengeance, causing many of us to juggle living costs with the extras required for the special event, including clothing, travel and lodging. And unfortunately, these milestones events are being missed, and it’s causing major friction. Despite many millennials and Gen Zers admitting they can barely afford their own bills, 42% of them feel obligated to attend weddings or wedding-related events per the Credit Karma report. And others, regrettably are skipping them altogether, placing a strain on their relationships.
“The expectations of wedding guests have expanded over the years. What was once an isolated event has turned into multiple events, trips and celebrations spanning over a year or possibly more,” said Courtney Alev, consumer financial advocate for Credit Karma. “While this can be a really exciting time, it can become costly and even unaffordable for many people. That’s why it’s important to have conversations about money with friends and family before the event. While these conversations can be uncomfortable, it’s important to open that line of communication to avoid causing a rift in a friendship. Try to have a conversation early about what events are most important to the bride and groom, and be open about what you can and cannot afford. From there create a budget that works for you so that you’re still able to celebrate the people you love in a way that doesn’t put stress on your finances. It’s not worth going into debt to attend events you cannot afford, especially if it leads to resentment.”
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