Here’s How Much Americans Really Spend on an Engagement Ring

Traditions surrounding engagement rings are getting murkier by the minute. Not only are diamonds beginning to get the boot, newly-engaged couples are even starting to swap rings for tattoos. If you’re starting to get to “that” point in your relationship and not totally sure what the new norm is surrounding the oh-so-important ring, GOBankingRates has just released an engagement ring-related study you may want to pay very close attention to.

GOBankingRates recently surveyed 5,000 adults across the US to discover how much people are *actually* spending on engagement rings – and it turns out the old “it should be worth two months’ salary” rule is a bit outdated.

The research revealed that 55 percent of people surveyed believe that the appropriate amount to spend is less than $3,000. Of those surveyed, 19 percent said $1,000 to $2,999 should be spent on an engagement ring, but the majority (36 percent) said less than $1,000 is suitable. To put that into perspective, $1,000 will typically get you a 0.3 to 0.5 carat diamond.

So, what’s the reason behind this shift towards more affordable rings? It could be the fact that most of the people getting engaged nowadays are likely buried in student loan debt. It could be a mutual decision to spend less on the ring and more on the wedding. Or it could mean that diamonds have once and for all been replaced with cheaper alternatives. Either way, we’re okay with it and our bank accounts are definitely in agreement.

What would you spend on an engagement ring? Share with us on Twitter @britandco.

(Photos via GoBankingRates and Getty)