Canadian couples are routinely blowing past their wedding budgets by a significant margin, according to a new Wealthsimple survey of 1,236 clients. The median wedding budget sits at $15,000, yet couples end up spending a median of $25,000 — a shortfall of roughly 70% — and the pressure to spend more is felt most keenly by high earners.
When high-end outliers are factored in, mean costs climb to approximately $37,000, the survey found. Nearly seven in ten newlyweds (69%) reported feeling pressured to spend more than they were comfortable with. The findings captured the experiences of recent newlyweds, wedding party members, guests, engaged couples, and people who had delayed marriage due to cost, painting a picture of widespread financial pressure wrapped in celebration.
Smaller celebrations, realistic expectations
Among newly engaged couples surveyed, approximately 25% are already planning smaller celebrations with cost as the driving factor. They are entering the process with more realistic expectations, anticipating a median spend of $25,000 rather than the $15,000 figure their predecessors initially budgeted. That shift — budgeting for the real number rather than the hopeful one — may be the most useful lesson in the survey.
The pattern echoes findings elsewhere: Zola’s US data found 69% of couples exceeded their initial budget, with average hidden or unexpected costs of $3,314, and 67% of newlyweds going into debt for their wedding. In Canada, the gap between plan and reality is not a rounding error; it is the difference between a celebration that is paid for and one that is still being paid off months later.
How to close the gap
The practical fixes are familiar but effective: agree the total first, then divide it between venue, food, photography and the rest, rather than booking vendors and adding up afterwards. Build in a contingency for the extras that routinely surprise couples — alterations, overtime, tips, postage and the rehearsal dinner — and decide in advance which items are worth stretching for and which are not.
A wedding is one day; the marriage, and the debt or savings that follow it, last far longer. Couples who budget for $25,000 and spend $25,000 are in a stronger position than couples who budget for $15,000 and spend $25,000, even though the celebration looks identical to guests.
