Few suitors would spend over £2k on an engagement ring, according to Moneywise research

Engagement ring

Diamonds are supposedly a girl’s best friend, but with Valentine’s Day approaching, how much would you spend on an engagement ring?

Tradition dictates that one to three months’ salary should go towards a bobby dazzler – that’s around £2,300 to £6,900 based on the Office for National Statistics provisional annual earnings figure of £27.607 for 2015 (pre tax, mean figure).  

But according to a poll of 1,185 Moneywise readers conducted earlier this year, only 26% of you would spend more than £2,000 on a ring.

The majority – 41% - said you would spend between £100 and £1,000, 21% of you would spend £1,000 to £2,000, while 12% would spend less than £100. 

See the pie chat below for the findings (click for a bigger version).

But while “love doesn’t cost a thing”, according to Jennifer Lopez, whatever you do, don’t lose out on bagging the one – even if it means getting down on one knee with a Haribo ring. As fellow megastar Beyonce infamously warned: “If you liked it then you should have put a ring on it”.


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