The average cost of a wedding is nearly $30,000 and the average engagement ring cost is about $5,500. However, a high-cost wedding does not ensure a long-term marriage. A study by two economists at Emory University concluded that “marriage duration is inversely associated with spending on the engagement ring and wedding ceremony“.
Other findings of the research included:
- spending between $2,000 and $4,000 on an engagement ring was associated with a 1.3 times greater chance of divorce compared to spending between $500 and $2,000.
- spending between $2,000 and $4,000 on the engagement ring was associated with two to three times the probability of reporting being stressed about wedding-related debt relative to spending between $500 and $2,000.
- spending less than $1,000 on the wedding is associated with an 82 to 93 percent decrease in the chance of reporting being stressed about wedding-related debt relative to spending between $5,000 and $10,000.
While money is important in marriage and life, being materialistic can result in relational difficulties.
For the research paper, click here:
- Have students research actions that may be taken to reduce wedding costs.
- Have students interview people about their experiences related to planning a wedding.
- What financial difficulties might result from overspending for a wedding?
- How might a couple reduce weddings costs?
- Describe actions that might be taken to as alternatives for an expensive wedding.