According to a new study by financial site GOBankingRates, groomsmen actually spend more money on weddings than their female counterparts. 

That said, the festivities aren't cheap for anyone. Both bridesmaids and groomsmen spend well over $1,000 each on average, the survey of 502 men and 503 women found

"Of course, it's an honor to be asked to be a part of a friend or family member's wedding," said Cameron Huddleston, columnist for GOBankingRates. "But you should think carefully about whether you can afford the costs of being a bridesmaid or groomsman before saying yes. If you do agree to be part of someone's special day, you certainly should create a budget and stick to it."

>> Click here or scroll down to see some of the findings