Welcome!

News Feed Item

BMO InvestorLine Study: Canadians Plan to Spend an Average of $15,000 on Their Weddings

- Almost 40 per cent feel they will not be able to afford their ideal wedding

TORONTO, ONTARIO -- (Marketwired) -- 04/23/14 -- As wedding season kicks off and couples across the country exchange vows in front of family and friends, BMO InvestorLine has released a study showing that Canadians plan to spend, on average, $15,000 on their weddings and invite an average of 100 guests. However, the study also found that almost 40 per cent of respondents who envision getting married at some point in their lives do not believe they will be able to afford their ideal wedding.

Those planning on getting married who are between the ages of 18 and 44 plan to spend the most, at an average of $18,150. Those who are 65 or older will be spending the least, at $4,901.

Further, the study found that Canadians plan to cover 60 per cent of the costs associated with their wedding by drawing on investments or other savings that either they or their partner have. They will rely on the following other sources to cover the remaining costs:


--  The bride and groom's parents (13 per cent of costs)
--  Credit cards and/or lines of credit (13 per cent of costs)
--  Contributions from friends via gifts or donations at bachelor parties or
    'Stag and Doe' events (five per cent of costs)

"Much like having children, the purchase of a home or retirement, your wedding is a key life event that can be a significant expense - not only for the couple but potentially for parents and other family members as well," said Julie Barker-Merz, CEO, BMO InvestorLine. "Regardless of who's covering the costs of your big day, it's critical to get the most of your savings by investing early and wisely. Additionally, it's also important to have open and transparent conversations with your soon-to-be spouse and other loved ones regarding how the wedding will be financed. This will help avoid any confusion or misunderstandings on who's responsible for what."

According to the study, only 28 per cent of Canadians who plan on getting married are earmarking a portion of their investments specifically to pay for their future wedding. More than half feel they could be doing a better job of managing their investments to be more financially prepared for their big day.

Ms. Barker-Merz noted that understanding one's investment goals, time horizon and risk tolerance is critical to maximizing returns. BMO InvestorLine's Self-Directed service provides clients access to a wide array of investment vehicles - such as Registered Retirement Savings Plans (RRSP) and Tax Free Savings Accounts (TFSA) - that can allow clients to invest their cash and potentially grow their savings to get them one step closer to achieving their investment objectives. For example, effectively utilizing a TFSA is a great way to save for a key life event, like a wedding, because investments can be withdrawn at any time and are completely tax free.

Honeymooner Highlights

The study also examined top honeymoon destinations for Canadians planning a future wedding and found that Hawaii was ranked the preferred location by 24 per cent. This was followed by:


--  The Caribbean (22 per cent)
--  Europe (18 per cent)
--  Australia/New Zealand (11 per cent)
--  Canada (10 per cent)

Canadians with nuptials on their minds plan to spend an average of $5,272 on their honeymoons.

"With two airline tickets from Toronto to Honolulu costing around $3,850, and a seven night stay in a five-star hotel running as high as $ 4,500, it's more important than ever that couples factor in the full range of their wedding costs to ensure they can afford their dream wedding and honeymoon as well," stated Ms. Barker-Merz. "Have a plan and monitor your investments regularly. This will help keep financial stress to a minimum as the big day approaches."

Regional Breakdown:


----------------------------------------------------------------------------
             Average amount                  % who feel they     % currently
          planning to spend                 will not be able       investing
                  on future                    to afford the specifically to
            wedding/average Average cost of     wedding they   pay for their
Region     number of guests       honeymoon      really want  future wedding
----------------------------------------------------------------------------
National        $14,761/100          $5,272               38              28
----------------------------------------------------------------------------
Atlantic        $11,573/120          $3,541               32              28
----------------------------------------------------------------------------
Quebec            $8,448/77          $3,278               43              21
----------------------------------------------------------------------------
Ontario         $14,547/106          $4,905               35              31
----------------------------------------------------------------------------
Prairies        $27,239/135         $18,703               34              28
----------------------------------------------------------------------------
Alberta         $24,360/115          $4,969               40              40
----------------------------------------------------------------------------
B.C.             $14,177/82          $4,836               40              21
----------------------------------------------------------------------------

The survey was conducted by Pollara between April 11th and April 15th, 2014 with an online sample of 500 adult Canadians who are not currently married but at least somewhat likely to get married in the future. The margin of error for a probability sample of this size is +/- 4.4%, 19 times out of 20. Data has been weighted by region to representative of the Canadian population.

For more information on online investing and adviceDirect, please visit www.bmoinvestorline.com.

For more information on wealth management news at BMO please visit http://www.linkedin.com/company/bmo-wealth-management-services-canada?trk=top_nav_home.

Get the latest BMO press releases via Twitter by following @BMOmedia.

About BMO InvestorLine

BMO InvestorLine is an online investing service that provides clients with two ways to invest online. Clients can choose from BMO InvestorLine's top ranked Self-Directed service that provides tools to help investors make independent decisions on how to invest. BMO InvestorLine's other service, adviceDirect™ provides investors with online advice and investment recommendations for their portfolios. Clients have access to trading, quotes and account information 24 hours a day through a website or Automated Telephone Trading. BMO InvestorLine also provides users with third party research, along with leading edge tools that are informative and easy to use. As an all-in-one investment source, it is a constantly evolving, cost-efficient platform that is fully compatible with tablets.

BMO InvestorLine Inc. and BMO Ligne D'action Inc. provide this commentary to clients for informational purposes only. The information contained herein is based on sources that we believe to be reliable, but is not guaranteed by us, may be incomplete or may change without notice. The comments included in this document are general in nature, and professional advice regarding an individual's particular position should be obtained.

An adviceDirect account is a non-discretionary fee based account which offers investment recommendations. adviceDirect does not provide portfolio management by a portfolio manager. The client makes their own investment decisions and manages their own investment portfolio. adviceDirect does not offer discretionary, managed accounts.

BMO InvestorLine Inc. is a member of BMO Financial Group.

® Registered trade-mark of Bank of Montreal, used under licence. BMO InvestorLine Inc. is a wholly owned subsidiary of Bank of Montreal Holdings Inc. Member - Canadian Investor Protection Fund and IIROC.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...