The amount Moneywise.co.uk users have spent or would spend on an engagement ring has fallen since this time last year, according to our latest poll results.
Tradition dictates that three months’ worth of wages is spent on an engagement ring – that’s around £7,053 based on the Office for National Statistics provisional annual earnings figure of £28,213 for 2016 (pre tax, median figure).
But our latest Valentine’s related poll reveals that the majority (36%) of people splash out between £100 and £1,000 on a bobby dazzler of a ring.
Spending between £100 and £1,000 was the most popular response in 2016 too, however, a higher 41% of people selected this option then.
The next most popular option was one in four (25%) people saying they’d spend £2,001+, which is down from 26% in 2016.
Meanwhile the number of people spending under £100 has risen, from just 12% in 2016 to 17% in 2017.
It’s unclear why people seem to be spending less on girls’ supposed best friend – the diamond – but perhaps couples would rather put the money towards a house or a holiday. Or perhaps it’s harder to save in this low interest rate environment.
However, one option that bucked the trend was spending between £1,001 and £2,000, which has risen from 21% in 2016 to 22% now.
See the pie charts below for a full comparison of the 2016 versus 2017 results.