More than two million couples get married annually in the United States. Besides wedding day jitters, chief among their concerns before and after they get married often is how to manage their finances. With the summer wedding season here, The Harris Poll conducted an online survey on behalf of Ally Bank, Member FDIC, of more than 1,400 Americans ages 18+ who are married or in a serious relationship. The survey found money (36 percent) caused the most stress on their relationship. Younger adults (age 18-54) were almost twice as likely (44 percent to 23 percent) to cite money as the top stressor than older adults (55+).
A slightly larger proportion of Americans in a serious relationship felt money was their biggest stressor compared to married Americans (38 percent vs. 36 percent). Closely following money as a top stressor for married Americans was health at 17 percent. The second biggest stressor for Americans in a serious relationship was family at 13 percent.
“Marriage is a joyous event, but like any important milestone in life, planning is the key to success, especially when it comes to personal finances,” said Diane Morais, president of Consumer and Commercial Banking Products for Ally Bank. “Open communication between the partners about how to spend and save money together can help establish a solid financial footing. It also is important to choose the right banking partner to achieve both short- and long-term financial goals.”
Save Early and Often
Additional studies have found that more than half of married couples pay for their wedding out of their own pockets. This means budget conscious couples are looking for unique ways to save for a wedding, that on average can cost more than $30,000, according to The Knot, a leading online wedding resource. In addition to the wedding costs, couples also need to consider their honeymoon. The Travel Industry Association of America indicates the average honeymoon budget could be close to $4,000.
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