RATESDOTCA Latest “Cost Of” Study Finds Big Bucks in Wedding Bells

Toronto, Ontario - June 26, 2013: $566,585,415: That’s the potential contribution of same-sex weddings to Canada’s economy. In the spirit of Pride Week, RATESDOTCA, Canada’s comprehensive financial rates comparison site, has released an in-depth look at the economic opportunity presented by same-sex weddings and equality for all. The findings? An injection of hundreds of millions of dollars into Canada’s $4-billion-per-year wedding industry. The study also found the average Canadian wedding to cost $26,961, bringing to light the need for all couples to take a unified stance on money management, as affording life’s financial milestones can present significant savings challenges. “It’s important for couples to be on the same page when it comes to financial goals,” says Penelope Graham, Editor at RATESDOTCA. “Whether you’re planning a wedding, a family, to buy a home or even the monthly budget, it’s vital to share your finance attitude and strategy with your partner.” RATESDOTCA has created an infographic titled “The Same-Sex Wedding Gift To The Economy” (SEE BELOW), which further breaks down these costs, as well as a history of same-sex marriage in Canada.

A Breakdown of the Biggest Wedding Costs:

  • The Venue: $9,255.00
  • Rings/Bands: $2,470.00
  • Wedding Attire: $1,847.00
  • Photographer: $2,206.00

Same-Sex Marriage By The Numbers:

  • $566,585,415: (based on 21,015 same-sex marriages as of 2011, and an average cost of $26,961 for the Canadian wedding)
  • 6,291,099: total marriages in Canada*
  • 21,015: same-sex married couples in Canada*
  • 0.3%: The percentage of same-sex marriages compared to total marriages in Canada.

*Statistics Canada: Portrait of Families and Living Arrangements in Canada

About RATESDOTCA

Over 3 Million Canadians have found their best rate for personal finance products on RATESDOTCA. Launched in 2008, RATESDOTCA is Canada’s largest and most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.

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Penelope Graham

A first-time homeowner and newbie investor, Penelope Graham is the quintessential millennial, navigating the world of personal finance and wealth management. A self-professed monetary policy nerd, she follows the often-controversial housing market closely and specializes in mortgage, credit card and personal finance news.

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