Thirty-two per cent of marriages which occurred since 2011 were thanks to parents helping to foot the bill.
That compares to 56 per cent of parents who helped those who married in the 1970s and 44 per cent of parents who contributed to weddings in the 1990s.
To make up the shortfall, many brides and grooms whipped out the credit card to ensure their big day was perfect with 13 per cent who married since 2011 admitting they used credit to help say ‘I do’. Another six per cent took out a loan to help pay for the day.
The vast majority of newlyweds saved hard to make their dream wedding come true, with 81 per cent admitting they saved at least part of the costs ahead of the day.
“Even though our research shows that the average cost of a wedding is down with 45 per cent spending no more than $10,000, that’s still a lot of money to find in today’s expensive world,” says ServiceSeeking.com.au CEO Jeremy Levitt.
“Some parents have started to hold back, but many who are financially able are still more than willing to chip in. But for many it is unaffordable with adult children living in the family home for longer.
“Perhaps today’s bride and groom are more socially concerned with spending other people’s money, hence the downturn in wedding budgets.”
Whatever the reasoning, couples are saving costs on their wedding by making or emailing their own invitations (28 per cent), getting a friend to make the cake (17 per cent) or DIY’ing flowers and cars (19 per cent).
Statistics are from a recent survey of more than 2,200 ServiceSeeking.com.au customers.