Newspaper article The Canadian Press

Canadians Plan to Spend an Average of $15,000 on Their Weddings: BMO Study

Newspaper article The Canadian Press

Canadians Plan to Spend an Average of $15,000 on Their Weddings: BMO Study

Article excerpt

Canadians plan for $15K wedding budget: study

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TORONTO - Canadians planning to tie the knot expect to spend an average of $15,000 on their big day, but many don't think they'll be able to foot the entire bill, according to a new study.

The BMO InvestorLine survey of 500 adults revealed that nearly 40 per cent of respondents believe their ideal wedding is out of reach.

Canadians surveyed expect to cover 60 per cent of the costs associated with their wedding by drawing on investments or other savings. For the remaining costs, they predict they'll rely on parents and gifts from friends.

BMO InvestorLine CEO Julie Barker-Merz said she was "quite shocked" at how little respondents would allocate for a potential wedding.

"I think retirement falls into that category where people will typically underestimate what they're going to need to spend and then they get surprised. And I think in this case what this study showed was a very similar pattern of behaviour," she said in a phone interview Wednesday.

Barker-Merz was also surprised by respondents who said they'd rely on credit cards and/or lines of credit.

"Typically, lines of credit and credit cards when it comes to weddings is for those unforeseens, things you didn't plan for and anticipate. The fact that the people surveyed have that as part of their plan just points to the need of really getting smart on how to plan, how to budget, how to save money and plan for what you can afford."

For her spring 2010 wedding in Edmonton, Melissa Gorman initially planned to spend between $20,000 to $25,000.

"Then, when I started talking to venues and started to talk to caterers, then the price of the dress, the invitations, favours, the cake, all of the components, I realized that my budget wasn't realistic -- so my budget did go up," recalled Gorman, editor of Wedding Obsession, a Canadian wedding blog dedicated to the modern bride. …

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