New Wave Of Millennials Take Charge Of Their Weddings, Finds Report; Details Inside

The young millennials of India are making a shift from conventional norms, a rising number of young couples are shouldering the financial responsibilities of their weddings, with a recent survey revealing that 42% of them intend to self-fund their nuptials. This growing trend reflects changing priorities and financial independence among the younger generation, as they redefine the concept of tying the knot.

One such couple, Yash Bhargava and Shilpa Dadhich, both finance professionals based in Mumbai, recently tied the knot and footed almost 80% of their wedding bill. In an exclusive interview with Moneycontrol, Bhargava expressed, "Our parents have already done a lot for us. We have been working since we were 18 and are financially independent. So, we decided to fund the wedding."

The inclination to be financially self-sufficient during such a significant life event is not limited to Bhargava and Dadhich. Zakhil Suresh and Laxmi Joshi, the power duo behind BitSave, a crypto asset management platform, as well as Megha Chhabra, a corporate communications professional, have all taken charge of their wedding expenditures.

The wisdom of parents saving for their children's weddings, especially their daughters, is gradually shifting. According to the PGIM Mutual Fund Retirement Planning survey - 2023, providing for children's needs and financial security outranked wedding expenses on the list of financial goals for surveyed families. The winds of change are palpable, and a new generation of couples is embracing a fresh approach to financing their weddings.

A recent study conducted by IndiaLends, an online marketplace for credit products, underscores this trend. Out of 1,200 millennials surveyed across 20 cities, 42% are planning to self-finance their weddings, with an even higher percentage (60%) among women.

For many couples, the desire to alleviate their parents' financial burden is a significant motivator. Additionally, the prospect of organizing the wedding exactly the way they envision it plays a pivotal role. The importance of a long courtship, where decisions are made by the couple, was highlighted by Bhargava, who mentioned that in arranged marriages, parents often dictate all aspects, including finances.

Interestingly, the traditional emphasis on saving for a daughter's wedding is also undergoing a transformation. Financial planners, like Kalpesh Ashar and Renu Maheshwari, note a shift in priorities among parents. Education has become the primary financial goal, with some parents allocating assets for their daughters' safety net rather than reserving substantial sums for weddings.

Pratibha Girish offers a nuanced perspective, stating that while overseas education takes precedence initially, parents eventually increase allocations for weddings, making adjustments to their retirement corpus without jeopardizing it.

As more couples embrace financial autonomy, the potential impact on parents' ability to allocate more significant sums for retirement becomes evident.

While some amassed savings over years of work, others, like public relations professional Dhanesh Kandhari, strategically saved a significant portion of their income for 2-2.5 years leading up to the wedding. Investment backgrounds, such as that of Zakhil Suresh, also played a role. Suresh invested in crypto in 2014, leveraging his gains to fund his wedding in 2019.

It is worth noting that the advice from those who've successfully navigated self-funded weddings. Snigdha Majee emphasizes the importance of starting early, allowing ample time to align plans with the budget. Others, like Megha Chhabra, suggest hosting multiple functions within a day, avoiding redundant rituals, and maintaining a 20% buffer in the budget.

Renu Maheshwari's advice to young couples is to avoid taking personal loans to fund weddings. She underscores the importance of financial literacy, cautioning against the pitfalls of indebting oneself for a celebration.

According to the IndiaLends survey, 41.2% intend to use their savings, 26.1% consider personal loans, and the rest are undecided.