The price of proposing: Australians slam outdated engagement ring rule
Key takeaways
- The majority of Aussies say 3 months' salary is too much to spend.
- However 1 in 10 believe the ring should cost more than 3 months earnings.
- How to get your engagement ring insured.
The old 'rule' that an engagement ring should cost 3 months' salary is falling out of favour, according to new research by Finder.
A Finder survey of 1,006 respondents revealed 69% of Australians – equivalent to 15 million people – think an engagement ring should cost less than 3 months' salary.
The research shows 1 in 5 (21%) still believe 3 months' salary is an appropriate outlay, while 10% say an engagement ring should cost even more than 3 months of earnings.
Taylor Blackburn, personal finance specialist at Finder, said the findings show Australians are taking a more practical approach to one of life's big milestones.
"An engagement ring is a romantic purchase, but that doesn't mean it should come with a financially painful price tag.
"The idea that you need to spend a percentage of your salary on a ring is a marketing ploy, not a financial rule.
"Considering money is the top reason couples argue, starting married life with a huge debt or an empty savings account doesn't set you up for happily-ever-after."
Blackburn said the 'right' cost of an engagement ring is more about your financial situation and plans rather than following an outdated spending rule related to your income.
"There's no magic number that makes a ring meaningful.
"What matters is choosing something you can genuinely afford without putting your wider financial goals on hold.
"For some couples that might mean spending less on the ring and putting the difference towards a home deposit, emergency savings or the cost of the wedding.
"The best engagement ring budget is one that sets you up for a happy life together."
Thinking of getting your engagement ring insured? Here's what you need to know.
Credits
- PR & Insights research team: Taylor Blackburn, Kate Boddington, Natascha Kwiet-Evans, William Capada
- Survey operation: Qualtrics
Sources
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