June is typically the month of weddings, but the CV-19 pandemic has largely eliminated the big, traditional wedding. We were planning on attending a couple weddings this summer, but they have both been converted to small, family-only affairs. Such is 2020.
Perhaps it is all for the best when it comes to the cost of hosting a big wedding. The analysis I did a few years ago, suggested it probably requires an extra ~2.5 years of work to pay for the cost of a traditional wedding when the time-value of money is considered.
Recently I ran across another fact to support spending less – not more – on a one’s nuptials. Two economists published a study titled “A Diamond is Forever and other Fairy Tales” which found that there is an inverse relationship between wedding expenses and marriage duration.
Related: Study: A Diamond Is Forever & Other Fairy Tales
Their research shows that wedding rings above $2K and wedding ceremonies above $20K are negatively correlated with marriage duration. These luxuries were found to be 1.6x-2.0x more likely to be associated with marriages that ultimately fail.
Curiously, they found one wedding-related expense that was positively correlated with longer marriages – the honeymoon. While rings and wedding ceremonies are correlated with shorter marriages, going on a honeymoon is “significantly associated with a lower hazard of divorce.”
It’s the first study I have ever seen on this subject, but perhaps the lesson is to skip the expensive ring & ceremony and start your lifetime together with a nice vacation!
Image Credit: Pixabay