Millennials, as a generation that came to age around both the Internet revolution and the turn of the millennia, have garnered some broad generalizations. They are categorized as entitled narcissists who spend tens of thousands on education, all while simultaneously being stingy and frugal. While these stereotypes may come across as contradictory, they are backed by statistics time and time again, making geared marketing complicated, and therefore the generational trends all that more intriguing. While the stereotypes have negative connotations, they denote financial frugality, fierce resourcefulness and a strong reverence of higher education. Of particular interest is how a group so vastly different from generations before handles weddings. Are they more likely to desire over-the-top venues, aligning with the entitlement stereotype, or more laid back and intimate affairs, more closely affiliated with the frugality sentiment? As recent research illustrates, like most things Millennials, the answer is a complicated “yes.”
The Knot Weds Trends And Traditions In Comprehensive Study
Popular wedding website, TheKnot.com (managed by XO Group Inc (NYSE: XOXO)) publishes an annual survey from the previous year’s brides detailing all things wedding. As the “#1 multiplatform wedding resource,” the Knot provides the most comprehensive research on wedding trends on an annual basis. According to the company, “The study includes national and regional statistics on the average cost of a wedding, how it is budgeted, the average number of wedding guests, spend per guest, wedding style trends and other key statistics related to weddings in America.” From the most recent study, the following statistics emerged:
The study noted these trends, as well:
Source: PR Newswire
What It All Means
Marriages may be taking place later in life, leading some to think that in regards to financing, the bride and groom as adults in their mid- to late-twenties would be able to pay without reliance on others. However, with Millennials predominating the space, simple linear assumptions quickly dissipate. While it would seem logical that a generation marrying older would be more inclined to pay their own way or budget more conservatively, the percentage of Millennials carrying substantial debt is significant. Furthermore, while Millennials seek independence, the broad trend of 20-somethings boomeranging back into their parents’ homes relates nicely with the noted trend that the bride’s parents still contribute substantially to the wedding festivities. Additionally, it may come as a surprise that with such a proclivity toward frugality, spending is on the rise across most budgeting subsectors; however, within the context of a generation that tends to desire immediate gratification and equal treatment regardless of circumstances, these seeming contradictions fade. In other words, while these trends may seem messy, they do illustrate the complications and contradictions many other professionals have noted within the generation.
For The Future Bride (And Her Family) And Groom
Trends, while not indicative of what is to happen in individual situations, do give insight into what is probable for the average person. In looking at the costs of weddings from previous years, it is possible to determine that weddings in the future are going to be expensive. And with that knowledge, proper planning can help curb unexpected financial obstacles. For future brides and grooms, if their financial situation allows, beginning a savings account set aside for a wedding may be prudent. While dowries have gone out of fashion, parents of future brides may want to consider a liquid dowry of some sort. Other financing options include personal loans, which are preferable over credit cards in many situations. Particularly if the loan is unsecured, there’s often no competition when comparing rates. Additionally, where credit cards are frequently misused and can easily damage a credit score, personal loans are treated as a fixed-term loan and can therefore help boost a sagging credit score. Regardless of whether you are getting married or your child is looking to be hitched sooner rather than later, the key to any financial success is to budget, stick to the plan and educate yourself. Through financial literacy (researching what financing options work best for you and your situation, comparing rates, etc.) and proper budgeting techniques, your dreams can be met. Dedication and education go a long way toward making white, lacy dreams a reality.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Engine by MoneyLion product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Engine by MoneyLion through hyperlinks, from third-party websites, are provided for informational purposes only. While Engine by MoneyLion finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day
New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”
MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.
“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”
These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.
“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”
Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.
The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.
About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
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New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.
The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.
This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”
About Even Financial
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.