The subject of Engagement rings raises many interesting questions like whether an engagement ring is necessary at all? is Engagement ring sexist (especially if only one side eg the man buying to the other side eg the woman)? Should an engagement ring include a diamond? Does the engagement ring help to promote the couple’s relationship?
Indeed interesting questions but let’s assume you have already decided on buying an engagement ring (and your partner may do the same for you), how much should you spend on the engagement ring?
According to this research from Emory University studied the relationship between wedding expenses and marriage duration men who shelled out between $2,000-$4,000 on engagement rings were 30% more likely to get divorced than men who spent between $500 and $2,000. Yes, you heard it right, 30% more! So does that mean that you should actually go and spend even less than $500? well spending less than $500 on a ring also led to higher divorce rates…
So there is a sweet spot winner (at least according to that research). Spending between $500-$2000.
A more holistic approach
The more openly you are able to discuss things with your partner, the chances of your relationship to last are higher. The question above and the general question of how much to spend on the wedding should be discussed together with one another. It is your first exercise of big financial decisions that you will have to make in the future. It is important to identify and develop awareness regarding what you feel about the subject as well as learn to listen and accept the other side’s opinions and wishes.
Having said that, we still need to acknowledge that there is some expectation for one side to surprise the other with a huge gesture and going down on their knees. In this case, you might be able to discuss engagement in theory before without actually making the offer. Alternatively, you can send spies like friends, family and so on…