Washington, February 9, 2016: Valentine’s Day is here but it seems that a sluggish economy is making lovebirds spend money cautiously and not splurge it all out for love!
Historically, this day is a popular time of the year for couples to get engaged, but one old rule associated with proposals seems to be dying out and that is that the people aren’t spending two months’ salary on a ring anymore — not even close.
As per a personal finance website GOBankingRates.com which surveyed 5,000 adults on the topic “How much do you feel should be spent on an engagement ring?” it found that 36 percent of Americans feel less than $1,000should be spent. Clearly, Valentine’s Day is not the same as it used to be!
The full breakdown of the survey responses are 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 “In fact, it seems that most are willing to pay what they can afford, not what is dictated by an outdated standard.”
What is most surprising is that both men and women favor low-cost engagement rings for proposing during the Valentine’s Day and the older adults are more likely to spend less on the engagement rings while the younger adults are more likely to say that “money is no object” when it comes to engagement ring cost.
This finding, although ostensibly sad, is on expected lines as the economy has not exactly lived up to the hopes of citizens.
And it is wise to spend cautiously rather than arbitrarily as the emotional investment in a relationship is far more important than spending on gifts.
It is also wise to spend cautiously rather than haphazardly as the emotional investment in a relationship is far more important than spending on gifts without sparing any thought for the future.
That is also what the Valentine’s Day is all about, love and pure love.