44% of Aussies would rather cash over traditional registry for their wedding
The days of wedding registries and multiple kitchen appliances are dwindling with Australians preferring to receive cash as they head down the aisle.
Research for the launch of the Mozo Wedding Hub showed 44% would choose a wishing well for guests to give cash in lieu of presents; while just 12% would opt for a traditional wedding registry.
Mozo director Kirsty Lamont said cash has become the clear stand-out when it comes to preferred wedding gifts, “proving that the trend is shifting from the traditional to the practical for today’s brides and grooms.”
According to data from ABS the average age of a bride and groom is 29 and 31 respectively and 77% of couples were living together at the time of marriage.
“As couples get married older and with more and more funding the wedding themselves, cash can make a huge difference in a couple’s financial situation as they embark on married life,” said Lamont.
The personal touch isn’t completely dead with almost one third (29%) saying they would like to receive personally chosen gifts from their wedding guests, while a small proportion (12%) would prefer to ask guests to fund a single, high value item.
There are now accounts which cater to those requesting cash gifts like Community First’s Matrimoney account offering 4% interest on a couple’s balance.
Michael O’Reilly of Community First said they’re seeing steady take-up of the product as couples become more focused on their financial priorities.
“We see a lot of couples who are very real about the financial challenges they’ll face in their first few years’ of marriage, including buying a first home or saving for planned parental leave.
“More and more are treating the account as a nest egg for their future rather than a way to fund the wedding or honeymoon,” said O’Reilly.
Read Mozo’s Merging Money after Marriage survival guide here.