Study: 45.8% of Malaysian Couples Take Out Personal Loans of Up to RM40k to Cover Wedding Expenses

Many Malaysians dreaming of marriage are finding that saying “I do” comes with a hefty price tag.

A recent study revealed that nearly half of couples planning to tie the knot are taking out bank loans to fund their weddings, a decision that often leaves them drowning in debt afterwards.

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Half of borrowers have loans lasting over 5 years

A study by Future Studies Berhad (THE FUTURE) found that 45.8% of Malaysians planning to get married had to take out loans to cover their wedding costs, with most spending between RM20,001 and RM40,000.

According to THE FUTURE’s Chief Economist, Dr Mohd Yusof Saari, personal loans were the most common form of financing (58.8%), followed by credit cards and Buy Now Pay Later (BNPL) schemes (16.6%), showing how many couples rely on short-term credit to fund their big day.

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He said over half of borrowers (54.5%) face repayment periods of more than 5 years, indicating long-term financial strain, while about 27% have already fallen behind on payments.

“More than half of respondents (54.5%) use 10% to 20% of their monthly income just to repay their wedding loans, showing a heavy financial commitment among young couples,” he told Berita Harian.

Malaysia’s wedding expenses are among the highest in Southeast Asia

Meanwhile, Keusahawanan dan Perniagaan Universiti Malaysia Kelantan (UMK) Professor Datuk Dr Nik Maheran Nik Muhammad said that rising hall and catering costs, along with inflation, have pushed wedding expenses in Malaysia to between RM50,000 and RM200,000, making them some of the highest in ASEAN.

He added that these costs are far higher than in Cambodia and the Philippines, where average weddings cost around RM71,000 and RM22,800, respectively.

Dr Mohd Yusof suggested updating financial literacy modules in premarital courses to include practical tips on budgeting, managing debt, and borrowing responsibly for couples planning to tie the knot.

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