LOS ANGELES, Feb. 8, 2016 /PRNewswire/ -- Valentine's Day is a popular time of year for
couples to get engaged, but one old rule associated with proposals
seems to be dying out. People aren't spending two months' salary on
a ring anymore — not even close.
Leading personal finance website GOBankingRates.com surveyed
5,000 adults, asking "How much do you feel should be spent on an
engagement ring?" The survey found that 36 percent of Americans
feel less than $1,000 should be
spent.
The full breakdown of survey responses is as follows:
- Less than $1,000 — 36%
- $1,000 to $2,999 — 19%
- $3,000 to $4,999 — 11%
- $5,000 to $9,999 — 7%
- $10,000 or above — 4%
- Two months' salary — 6%
- Money is no object — 17%
"Our survey results show that most people no longer feel
pressured to spend a certain amount on an engagement ring," said
Cameron Huddleston, Life + Money
columnist for GOBankingRates. "In fact, it seems that most are
willing to pay what they can afford, not what is dictated by an
outdated standard."
Additional findings:
- Both men and women favor low-cost engagement rings.
- Older adults are more likely to spend less on engagement
rings.
- Younger adults are more likely to say that "money is no object"
when it comes to engagement ring cost.
For additional findings, visit:
http://www.gobankingrates.com/personal-finance/1-3-americans-spend-less-1000-engagement-ring/
Methodology: These findings are the result of a Google
Consumer Survey that collected answers from 5,000 respondents from
Dec. 30, 2015, to Jan. 1, 2016. The survey posed the query, "How
much do you feel should be spent on an engagement ring?" and
allowed respondents to choose seven possible dollar amounts,
displayed in this order: (1) "Less than $1,000," (2) "$1,000-$2,999," (3) "$3,000-$4,999," (4) "$5,000-$9,999," (5) "$10,000 or above," (6) "Two months' salary" and
(7) "Money is no object." Analyses are based on all responses.
For analyses related to age and gender, this finding only reports
on responses for which Google provided the relevant demographic
information.
About GOBankingRates
GOBankingRates.com is a leading portal for personal finance and
consumer banking information, offering visitors the latest on
everything from finding a good interest rate to strategies for
saving money, investing for retirement and getting a loan. Its
editors are regularly featured on top-tier media outlets, including
U.S. News & World Report, Forbes, Business Insider, Daily
Finance, Huffington Post and more. It specializes in connecting
consumers with the best financial institutions and banking products
nationwide.
Contact:
Katie Johnston, Media
Relations
GOBankingRates.com
kjohnston@gobankingrates.com
310-297-9233 x116
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SOURCE GOBankingRates