The Knot Reveals Millennial Wedding Finance Trends

The Knot, in conjunction with PayPal, recently released the results of their wedding finance survey, which takes a look at millennial spending habits when it came to planning their wedding. The Knot is used by nearly 80 percent of wedding planning couples to find local vendors and offer planning advice.

The survey covered the majority of the financial aspects of wedding planning millennials face. Some of their most interesting findings are listed below.

• 65 percent of couples do not include honeymoon costs into their budget
• 21 percent spend more than they can afford
• 68 percent of brides say they find themselves constantly thinking about their wedding budget
• 44 percent would prefer to make all vendor payments via smartphone
• 48 percent of couples worry about forgetting to pay their vendors’ day-of expenses
• 58 percent of brides feel like they suffer from “check fatigue” the closer they get to the wedding

With trends like these, The Knot and Paypal suggest wedding vendors begin accepting electronic payments in all forms, to offer couples both flexibility and ease of purchasing. With all of the deposits, multiple payments, day-of payments and gratuity that comes with paying wedding vendors, being able to pay all of their wedding-related bills from one device at one time could be an important timesaver and stress reliever for millennials.