Sunday, December 22, 2024

Staggering amount Aussie parents are paying for their children’s weddings

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The long-standing tradition of parents helping their children cover the costs of a wedding remains strong, with new research showing just how much mum and dad are forking out.

However, the Finder survey found the amount parents are giving is just a small portion of the overall cost of their kid’s special day, which is about $35,000.

Mum and dad are handing over an average of $6,466 for their children’s weddings and giving slightly more for women than men.

READ MORE: Five ways DIY can save thousands of dollars on your wedding

Parents contribute about $6,466 to their children’s weddings. (Getty)

Female poll participants reported their parents gave an average of $8,151 for their wedding while men said their parents contributed $5,125.

Some received a whole lot more though with 10 per cent of Aussies given more than $20,000 from mum and dad for their wedding.

Meanwhile, 36 per cent of brides and grooms didn’t or won’t be getting a financial contribution for their big day from their parents.

READ MORE: The verdict on how much money should be given as a wedding gift

Wedding couple, calculator and coins. Money image related to wedding plan and preparation, marriage and family planning, housing and pension.
The average wedding costs $35,000. (Getty Images/iStockphoto)

For couples hoping for or needing financial support for their wedding from their parents, Finder money expert Rebecca Pike encourages having an open and honest chat about those expectations from the beginning.

“Start the conversation as early as possible. You want to be on the same page with the budget well before you get into the weeds of wedding planning. This will help to avoid any misunderstandings and help you to budget realistically,” she tells 9honey Money.

“Being clear and honest is absolutely essential. Parents should communicate their budget – whether you’re going to give a set amount, or cover specific expenses, be precise. Children should also be upfront about their plans and expectations.” 

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With the cost of living putting pressure on everyone, Pike suggested ways parents can contribute to their child’s wedding without providing money.

“You can offer your time and skills by assisting with things like planning and organising the event, obtaining quotes from vendors (you might be really good at negotiating and can haggle the best price!), tracking down guests emails and/or addresses for the invite,” she says.

“You could assist with DIY elements like invites, decorations, and wedding favours. Any assistance you can give in terms of logistics on the day and ensuring the event runs smoothly will be a huge help.

“Remember – providing emotional support and helpful advice can go a long way.”

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Rear view shot of a father making a toast at a wedding reception
Parents can contribute in other ways if money isn’t possible. (Getty)

As for the cost of the wedding itself, Pike suggests considering options like a smaller or weekday wedding and DIYing various elements.

She also shared a surprisingly thoughtful budget-friendly idea that allowed guests to get involved. 

“Friends of mine recently hosted a lovely, intimate wedding. To save on flowers, which are insanely expensive, the bride sent her guests some seedlings. If guests wanted, they could grow the flowers and bring them on the day – I thought it was great!”

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