The rise of financial wedding gift registries

gifts1But a new trend is also gaining popularity: financial gift registries.

We don’t mean merely slipping money into a card, intended for use on some household purchase or honeymoon expense; these types of registries are designed to provide donations towards the couple’s financial planning goals, instead of current needs or wants.

These types of registries, run by sites such as HoneyFund, UponOurStar and Present Value, allow couples to register for investment packages designed to help them fund the purchase of a home, pay off debt or even build their retirement nest egg.

Most accounts are free to set up, and are free or charge a percentage-based fee for their services. The process works much like a regular gift registry, but cash donations are “purchased” by wedding guests instead of gifts.

Back in the day, gift-giving to newlyweds was a way to help out young couples who were setting up house for the first time, many moving straight from their parental homes into their own home for the first time. These days however, most couples live together prior to becoming engaged, and given the average age of newlyweds is also rising (currently at 31 years for males and 29 for females) most couples already own household essentials.

With home ownership also high on the agenda for many newlyweds, the prevalence of financial gift registries makes sense.

Marriage and establishing a household are commitments that are designed to last for “as long as you both shall live.” Why shouldn’t wedding gifts reflect this long-term commitment?

 

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