The wedding industry is a multi-billion dollar industry and is probably one of the most expensive occasions in a person’s life. Many couples spend their life savings and even loan money in order to have a lavish wedding. However, a study conducted by two economic professor from the Emory University revealed that couples who spend more on their wedding are more likely to divorce.
The study, which was authored by Andrew Francis and Hugo Mialon, involved more than 3,000 people. Those couples who spent $20,000 or more for their wedding were more likely to get a divorce by 46%. Moreover, they also found that spending between $2,000 to $4,000 on the engagement ring increases the risk of divorce 1.3 times greater as compared to those who spent only between $500 to $2,000.
On the other hand, the couples who spent less than $ 1,000 tend to have longer lasting marriages, and they are 53% less likely to divorce as compared to those who spent more.
Francis and Mialon says that the reason why expensive weddings increase the risk of divorce is because of the financial stress it causes early in the marriage. This may lead to conflicts about their finances.
The result of Francis and Mialon’s study supports a report from the Consumer Affairs that arguments about money is the top predictor of divorce.
How much does it cost to have a wedding in the Philippines?
Filipinos love weddings. A wedding in the Philippines is probably one of the most highly celebrated events. But how much does it really cost to have a wedding in the Philippines? According to Moneymax.ph, a wedding in the Philippines may cost from about P 50,000 to 1 million pesos for the average Filipino couple. A mid-range, low-key wedding ceremony for about 100 guests is estimated to cost about over P 300,000. Unfortunately, some married couples loan money in order to have a lavish wedding which can eventually take a toll in their marriage. Money Max suggests couples to avoid starting their married life in debt.
Source: CBS Local