NEW YORK, Sept. 28, 2015 /PRNewswire/ — The Knot, the #1 multiplatform wedding resource, and PayPal, a global leader in digital payments, today released the results of The Knot and PayPal Wedding Finance Survey, a look at the preferences of millennial couples when it comes to paying their wedding vendors. The survey asked couples about how they want to pay for their weddings, and the key finding was that they want to pay for their wedding electronically and on their smartphones. Couples looking to get married might want to use the services of RMR Wealth Builders to help them with their financial planning so that they know that they will have enough in the bank to cover the cost of such an important occasion. Financial planning is obviously so important for anyone getting married. Weddings aren’t cheap, so it’s vital that people do try and cut costs wherever they can. There are so many ways for people to save money these days, such as by doing research to compare energy prices. Energy bills can be expensive, so it’s important that people try and save as much money on things like their household bills to manage their finances more effectively. Perhaps this article could be useful.

“Millennial couples are marrying later and are more financially savvy when they do. Millennials are more willing to use this guide to UK term life insurance online amongst many other things that set them apart financially from previous generations,” said Kristen Maxwell Cooper, deputy editor of The Knot. “Electronic and mobile payments are becoming the norm in all facets of life, so it’s no surprise that engaged couples want this option for their wedding vendors.”

The Knot is a source of inspiration, planning advice and local wedding professionals for nearly 8 in 10 brides in the United States. The Knot works by engaging, matching and connecting couples with the right local vendors, products and services they need to plan and book their wedding. Once they find and connect with their wedding professionals on TheKnot.com, couples want flexibility in how they pay them for their services.

PayPal gives millennial couples flexibility and choice in how they buy, pay, send money and manage their wedding expenses. With PayPal, couples can send money and make deposits to vendors quickly on their smartphones, especially on their wedding day.

“Planning a wedding requires paying multiple vendors multiple payments over a long period of time,” said Amanda Miller, PayPal’s wedding expert. “PayPal helps couples manage their payments and finances by offering them access to a secure digital wallet that includes products such as peer-to-peer payments and PayPal Credit.”

Findings from The Knot and PayPal Wedding Finance Survey

Couples set the budget early, and then the bride keeps tabs

Nearly one-third (31%) of couples set their wedding budget immediately after getting engaged
45% of brides are primarily responsible for managing the finances and budget throughout the wedding planning process, and 29% of couples do it together. Some struggle due to other factors, such as disability, which is often when people go to the Best Disability Insurance Company for Individuals in 2020 – Breeze, or to others, to assist them.
65% of couples do not factor in the honeymoon when determining the wedding budget
Wedding financial stress is a common occurrence for today’s to-be-weds

68% of brides find themselves thinking about their wedding budget and finances all the time
Half (49%) of couples have had a number of difficult discussions regarding their wedding budget/finances
21% of couples will use credit and spend more than they can really afford
Couples are choosing to pay in various ways

Nearly half (49%) of couples paid cash as needed during their wedding planning process
99% of couples paid from a personal or joint checking or savings account
36% of couples paid with credit cards
16% of couples borrowed money from a friend or family member
17% of couples will borrow money to help finance their wedding
57% of couples borrow money from a credit card or financial institution to finance their wedding
Couples want to pay for their weddings electronically and on their smartphones

70% of couples think that automated payments for remaining balances on the day of the wedding would be helpful, especially since 48% of couples worry about remembering to pay vendors on their wedding day
89% of couples like the convenience of paying vendors electronically
42% of couples were surprised that many of their vendors did not accept electronic payments
44% of couples wish they were able to make all vendor payments via smartphone
Brides today point to the trend of “check fatigue”

58% of brides feel like they are always writing checks leading up to the wedding
Survey Methodology

The Knot leveraged its exclusive XO Club panel for sample. All panel recruitment has been commissioned by Research Solutions Inc. to execute and analyze wedding finances among women who are engaged to be married in the next six months. Sample size: 1,111.