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
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
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...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., and Logan Best, Infrastructure & Network Engineer at Webair, focused on real world deployments of DDoS mitigation strategies in every layer of the network. He gave an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He also outlined what we have found in our experience managing and running thousands of Linux and Unix ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.