More Canadians are choosing smaller weddings to afford competing financial goals — and it's hitting young people the hardest

“I think people just don’t have it and aren’t willing to spend that when they’re starting their new chapter as a married couple and don’t want to spend the next 10 years in debt — they want to buy a house,” Alicia Thurston, CEO of Pop-Up Chapel told Global News.

More and more wedding venues have been seeing a shift to smaller, less ornate celebrations due to the heightened cost of living, as less people attending typically means less associated costs. Experts have noticed that couples who are still getting married despite the sticker shock are spending to get the most bang for their buck — not to have the most lavish fete in town.

“Couples are more price sensitive than they were before, and they are looking for savings,” wedding photographer Gosia Strzeminska told Global News, adding, “Either it’s when it comes to hours of the coverage or number of photographers for the wedding, when before it was quite often a standard having two photographers for the wedding. It comes down to value and the budgets.”

Breaking down the financial pain points

Wedding planners, photographers and other matrimonial experts are seeing signs of strain for new couples wanting to marry. But where are these points of financial tension coming from exactly?

Well, quite a few different places, actually.

The latest Labour Force Survey from Statistics Canada for May showed that the unemployment rate now sits at 6.6% — down from a high of 6.9%. However, the unemployment rate for younger Canadians (those aged 15 to 24) was over double at 13.4%.

The cost of goods and services continues to spike as well, with StatCan’s latest Consumer Price Index survey noting that inflation rose 3.2% year-over-year in May, with gasoline prices shooting up 33.2% annually. On a year-over-year basis, the price of fresh vegetables rose 9.0% within the same time frame, contributing to an overall inflation for food purchased in grocery stores. In fact, rising food prices have continually outpaced headline inflation for 16 consecutive months. Essential expenses — not nice-to-haves — are eating away at budgets.

For younger Canadians, rising prices for necessities and an elevated unemployment rate are not only putting pressure on whether or not to throw a wedding, but also their retirement outlook and general financial stability.

A recent survey from BMO found that 67% of respondents believe saving for retirement is harder for them than it was with their parents, and 77% of those surveyed worry that saving for retirement will be harder for the next generation.

In the near term, Gen Z Canadians view ballooning costs as holding them back from their overall goals, not just retirement. A survey from TD Bank in late 2025 found that 47% of Gen Z respondents surveyed said the cost of living was their biggest barrier to reaching their financial goals, and over a third (36%) said their income was not enough for them to financially get ahead.

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The right way to save for a major milestone

Canadian consumers are feeling the pinch, whether they're planning a wedding or deciding to attend one this summer. This brings up an important consideration, especially when every dollar counts: what’s the best way to save for a major goal or financial milestone?

Start with the basics. Before saving for major milestones, experts generally recommend building an emergency fund that can cover three to six months of essential expenses. Keeping this money in a high-interest savings account (HISA) allows it to earn interest while remaining easily accessible if you lose your job or face an unexpected expense. If you know you won't need part of your savings for several months or years, a guaranteed investment certificate (GIC) may offer a higher interest rate in exchange for locking your money away until the end of the term. Both options provide stability and help ensure you won't have to rely on high-interest debt during an emergency.

Seek specialized accounts when saving for a home. The first home savings account (FHSA) is a Canadian's key savings account for those planning to buy their first home. FHSAs have a contribution limit of $8,000 each year, up to $40,000, which carries over if unused. Withdrawals — and any investment growth — are tax-free so long as they are used towards the purchase of a first home. Contributions are also tax-deductible, providing immediate financial benefits as well.