Engagement rings are supposed to be the ultimate symbol of love, but during this recession men can't afford the giant rocks they once could. A new study by home insurance firm LV found that while many guys used to spend three months' salary on a ring, now two-thirds of grooms are spending only about three weeks' salary. So while men used to cough up $8,000 on a ring the majority are now spending around $2,000.
LV's managing director, John O'Roarke, told the Daily Mail, "It's not surprising to see men tightening their belts in these tough economic times. Regardless of how much a ring is worth, it is still a treasured possession."
Some other interesting info from the study:
- Over 50% of the women surveyed had no idea how much their engagement ring cost, but figured their man spent at least one month's salary
- 40% of men refused to tell how much they spent on their engagement rings
- 3% confessed they lied about spending more than they really did.
When people are struggling financially it's safe to say there are more important things to spend money on than a big diamond, but many women have at least some expectations for their engagement rings.
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