A recent study revealed that nearly half of Malaysian couples borrow money from banks to cover the costs of their weddings, a decision that often leaves them struggling financially long after the celebration ends.
Photo via Ringgit Plus
According to Berita Harian, a proof-of-concept (POC) study conducted by Future Studies Berhad (THE FUTURE) found that 45.8% of respondents admitted to taking loans, with most wedding expenses ranging between RM20,001 and RM40,000.
THE FUTURE’s Chief Economist, Dr Mohd Yusof Saari, said that personal loans were the most common financing option, chosen by 58.8% of respondents. Meanwhile, credit cards and “buy now, pay later” plans accounted for 16.6% each, showing a worrying reliance on short-term credit facilities.
“More than half, about 54.5%, of borrowers have repayment periods extending beyond five years. This reflects the long-term financial pressure tied to wedding-related debts,” he explained.
The study also found that over half of respondents (54.5%) dedicate between 10% and 20% of their monthly income to repaying these loans. While 72.7% manage to stay on track with payments, 27.3% have already fallen behind, indicating growing financial strain among borrowers.
Earlier reports revealed that 10,815 divorce cases involving Muslim couples were recorded in Selangor between January and September last year, with financial issues and poor communication cited as the main causes.
Adding to the concern, Datuk Dr Nik Maheran Nik Muhammad, a Professor of Entrepreneurship and Business at Universiti Malaysia Kelantan (UMK), noted that rising inflation, higher venue and catering costs, and social expectations have pushed wedding budgets up dramatically, with some now spending between RM50,000 and RM200,000 for a single event.
While weddings are beautiful milestones, they should never come at the cost of your financial peace. Spend within your means, and remember that a strong marriage is built on love and understanding, not on how lavish the ceremony is. Always plan wisely and only spend what you can truly afford.
Also, catch our episode of The Money Goal about budgeting for a wedding to learn how to plan a celebration you’ll love, minus the financial hangover.
