New Survey Data Shows Brides and Grooms Rank 'Money' Their Number One Wedding Stress, According to Poll Associated With The Knot Credit Card From American Express

Over 75 Percent of Couples Don't Stick to Set Budgets; And Couples Often Spend More on Wedding Items Than They Anticipated

NEW YORK, Feb. 15 /PRNewswire/ -- A recent American Express nationwide survey of 500 newlyweds found that almost six-in-ten (58 percent) of newlyweds felt that dealing with costs associated with the wedding was the most daunting aspect of the wedding planning process. Results showed that 80 percent of those questioned felt that the financial aspect of their wedding planning was stressful, with 26 percent of all respondents saying it was "very stressful." Respondents found it challenging to find the right vendor for the right price (39 percent) and figure out how much to spend and who pays for what (36 percent). Overall, the results indicate that with few exceptions, most brides and grooms are contributing to their wedding expenditures, and in the 72 million dollar wedding industry, spending wisely and saving for newlywed bliss is key.

The survey was developed as part of the launch of the new The Knot Credit Card from American Express, a no annual-fee Credit Card that gives Cardmembers access to special savings offers, benefits and rewards for wedding-related purchases developed in partnership with The Knot, Inc. ;(http://www.theknot.com/ ). In addition to two years of extensive research culled from TheKnot.com's membership of over 1 million engaged couples, this independent American Express survey confirmed that there is a demand for this new financial tool designed to manage and navigate the often challenging financial aspects of the wedding planning process.

'Til Debt Do Us Part?

Seventy-five percent of men and women surveyed said they either did not set up a wedding budget (44 percent) or did not stick to the budget they set up (31 percent). Carley Roney, one of the nation's leading wedding experts and editor-in-chief and cofounder of The Knot, strongly advises couples to set a budget and stick to it to avoid debt after the big day.

"No matter how beautiful the dress or how sought-after the venue is, creating a budget from the get-go is essential to a stress-free wedding planning experience and newlywed beginning," Roney said. Out of the 31 percent of brides and grooms who set a budget but then added more as they went along, 40 percent admitted to adding a significant amount or more than double their original budget.

Roney recommends using an online interactive budgeter like the one on TheKnot.com to track wedding expenditures and urges couples to consider the companion Card feature of The Knot Credit Card from American Express. This feature allows multiple spenders to carry their own Cards, yet aggregate the wedding costs on a single credit card statement (which comes with the added benefit of combined points for the couple).

Fitting Dollars to Dreams

Survey results showed that navigating the myriad of wedding options put pressure on brides and grooms during their wedding planning. Fifty percent of respondents were intimidated with the process of having to sort through all the wedding options. Even more overwhelming was finding deals and discounts, with 56 percent of newlyweds responding that they had trouble tracking these down and 35 percent saying they found deals and discounts too late in the planning process to make use of them.

"Through our partnership with The Knot, we have developed a product that will help alleviate the post-wedding financial blues by giving newly engaged couples exclusive access to retail and vacation discounts, special wedding events and sales, and tools like The Knot Wedding Planning Kit that will help them manage all aspects of their financial planning process," said E-Bai Koo, vice-president of marketing for The Knot Credit Card from American Express.

Honeymoon Dreaming

Almost half (48 percent) of respondents said the most exciting part of planning their wedding was planning the honeymoon. However, it seems that excitement breeds overspending: out of the 86 percent of brides and grooms that planned a honeymoon, the majority (55 percent) paid significantly more than double the cost of a typical vacation. Forty-four percent of respondents stated that their honeymoon was a once-in-a-lifetime dream vacation.

Couples Control Spending With Relatives' Contributions

According to the survey, the burden of the wedding budget no longer falls solely on the father of the bride. More often than not, the bride and groom are contributing their own money to that offered by the bride's parents to cover the costs of the bigger wedding expenses, including the bridal gown (87 percent), flowers (75 percent), cake (73 percent), photographer (71 percent), catering (66 percent) and venue (65 percent). And, according to the survey, the couples who are controlling the purchases of key wedding expenses are often spending more than they anticipated on high-ticket wedding items, such as the catering (28 percent), bride's gown (25 percent), photographer (24 percent) and flowers (23 percent).

For Love or Money

"More cash" beats out "more romance" as the number one wish of newlyweds with almost half of respondents (49 percent) saying that "money in our pockets" is their top desire now that they are married. Time with their spouse came in second (22 percent) with romance barely making it into third place (14 percent). Fortunately, planning for the wedding is not the first time couples discuss finances together. According to the survey, couples prepare for their financial life together before they walk down the aisle with almost three-quarters (73 percent) of survey respondents saying they had detailed conversations with their fiance about joint finances prior to saying "I Do." More than half (52 percent) of newlywed couples say they share financial responsibility and more than three-quarters (78 percent) have merged at least one account with their spouse. Forty-one percent cited that they not only merged all accounts, they also share a credit card as well. Roney suggests that Cardmembers transition to The Nest Credit Card with American Express, a special Card also developed with The Knot, Inc. that is specifically tailored to the newlywed life-stage.

Survey Methodology

The Knot Credit Card from American Express Survey is based on a sample of 500 men/women, age 18+ who've been married within the past 12 months. This study was conducted on the Internet by ICR, a full-service market research company from December 20, 2005 through January 3, 2006. The survey has a margin of error of +/- 4.4 percent.

About The Knot Credit Card from American Express

The Knot Credit Card from American Express is an important tool for brides and grooms in the wedding planning process. Developed in partnership with The Knot, Inc., the Card provides benefits and special discounts to numerous local and national wedding-related merchants, and unprecedented access to special events like wedding dress sales and bridal events. With fee-free enrollment in the acclaimed Membership Rewards Options(R) program, couples have the opportunity to earn valuable Membership Rewards(R) points when they use the Card that can be redeemed for a wide variety of honeymoon travel, lifestyle and retail rewards in the future. In addition, the Card offers everyone involved in paying for the wedding no annual-fee companion (additional) Cards that earn points for the engaged couple, making it easy to stay organized and track expenses with all wedding-related charges on one Card collectively. To help couples organize and manage their wedding plans, each Cardmember receives The Knot Wedding Planning Kit, which includes The Knot Wedding Binder, exclusive offers from The Knot, American Express Vacations, and other partners and free gifts.

About The Knot, Inc.

The Knot, Inc. ;(http://www.theknot.com/ ) is a leading lifestage media and services company. The Company's flagship brand, The Knot, is the nation's leading wedding resource that reaches over 1 million engaged couples each year through the Web, newsstands, bookstores, and television. The Company co-produces a TV series on The Oxygen Network, a Video On Demand (VOD) service for Comcast Cable and has content distribution partnerships with MSN and Comcast. The Knot, Inc. also offers several brands targeted before and beyond the wedding day, including newlywed site TheNest.com.

About American Express

American Express Company (http://www.americanexpress.com/ ) is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, business services and international banking.

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American Express

CONTACT: Rosa Alfonso of American Express, +1-212-640-1712; Amy Shey
Jacobs of The Knot, +1-212-219-8555, ext. 1246; or Katie Cray of BNC for
American Express, +1-212-253-4650

Web site: http://www.americanexpress.com/
http://www.theknot.com/