Purchasing an engagement ring for your significant other can be quite the daunting task. Finding the perfect ring for them is tricky, especially with so many designs out there.
A new study has shared just how much you should be spending on an engagement ring, and we must admit we’re quite surprised by the findings.
According to Brides.com, it is expected that two to three month’s wage should be spent on an engagement ring, which is approximately £5,481.
However, new data by Hipper reveals how much is actually spent on engagement rings. They found that the average Brit spends £1,042 on an engagement ring which is 0.57 times the monthly wage.
Over 2,000 people took part in the study. The participants had recently proposed to their other half.
Those who live in Belfast, Gloucester and London spend the most on an engagement rings
The survey reveals that those in Belfast are in fact the most generous, spending on average £1,567 on a ring for their loved one. The city of Gloucester then follows as the second most generous city, splashing £1,350.50 on average
Those in London are also up there within the big spenders, but those in Norwich are at the bottom of the list for spending the least.
People in Norwich are spending on average £614.10 on an engagement ring which is 0.x times the monthly salary. This equates to just 7.2 working days or 58.2 hours of work to pay it off.
A spokesperson at Hipper says: “We believe there is more and more pressure to splash out on an engagement ring and think the 3X monthly wage ‘rule’ which originated from an advert in the 1970’s should be banished. Engagement rings, like wedding rings, are personal; no one can tell you how much you should spend”.
We couldn’t agree more!
