Men are spending significantly less on engagement rings. Photo by ThinkstockEngagement 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.
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