How Much Should You Spend on an Engagement Ring?

Although about half of younger millennials (ages 18-24) and older millennials (ages 25-34) surveyed said less than $3,000 should be spent on an engagement ring, an even greater percentage of older adults felt this way. More than 60 percent of adults ages 55 to 64 and nearly 70 percent of adults 65 and older said the appropriate amount to spend on a ring is less than $3,000. Across all age groups, however, the most popular answer is “less than $1,000.”

A staggering 44 percent of adults 65 and older believe less than $1,000 should be spent on an engagement ring, online installment loans Ohio which isn’t surprising. After all, these adults – at least the ones who have been engaged – probably spent less than $1,000 on an engagement ring or they have an engagement ring that costs less than $1,000. Because of inflation, the price of an engagement ring 40 or so years ago was likely much lower than engagement ring prices today. Using an inflation calculator, you’ll find that $250 in 1975 dollars has the same buying power as $1, in 2015 dollars.

The survey also found that millennials are more likely than any other age group to believe that money should be no object when buying an engagement ring.

Engagement Ring Spending Limits by State

The most popular amount to spend on a ring in most states is “less than $1,000.” But, a few states have slightly bigger spenders.

In Connecticut, Maine, Montana and South Dakota, the most popular amount to spend on a ring is $1,000 to $2,999. In Vermont, there was a tie between “less than $1,000” and “$1,000 to $2,999.”

Hawaii residents appear to be willing to spend more on engagement rings that most other Americans. In that state, there was a four-way tie for the most popular amount people were willing to spend: “money is no object,” “two months’ salary,” “$3,000 to $4,999” and “less than $1,000.”

Older Adults Are More Likely to Spend Less on Engagement Rings

When buying an engagement ring, you shouldn’t feel pressured to spend a certain amount of money. Instead, the amount you pay should be based on how much you can afford and are willing to spend, said Styles.

Avoiding the temptation to overspend is especially important if you already have a lot of debt and no savings to cover the cost of a ring. “Depending on where you are financially, sometimes an engagement ring is a bad investment and alternative options are the safe bet,” Styles said.

Even if you don’t have any debt, opting for a more affordable ring can still be your best option – just think about what you can do with the money that you save by buying a ring that’s less than $1,000. That money can go toward your actual wedding costs instead. Or, you and your significant other can use that money for a fun purchase – like a honeymoon – or a future purchase that will prove to be more valuable down the line, such as a house.

Methodology: These findings are the result of a Google Consumer Survey that collected answers from 5,000 respondents from . 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.

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