The majority of Brits do not expects their partner to spend more than £1,000 on an engagement ring, new research reveals.
Hitachi Personal Finance, a personal loan provider, surveyed the nation to reveal their attitudes towards proposals, including how much Brits expect their partners to spend on an engagement ring.
The average cost of an engagement ring in the UK is £1,483, but the findings reveal that only 24% of Brits would expect their partner to spend this much (between £1,000 and £2,999).
Furthermore, 50% of Brits would expect their other half to spend less than £1,000 on an engagement ring, nearly £500 less than the average cost.
Interestingly, 23% of respondents aged 18-24 would expect their partner to spend more than £5,000 on an engagement ring, but just 5% of those aged 45 and over would say the same. These figures suggest the younger you are, the more money you expect your partner to spend on an engagement ring.
The nationwide poll also revealed that nearly six in ten (58%) would want their partner to choose the ring, but 19% would prefer to be involved themselves.
Additionally, 20% of those surveyed would not want to get engaged on Valentine’s Day.
Source: Professional Jeweller 13-2-2020
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