Paying three-months salary for an engagement ring is a myth

    Buying an engagement ring can be an emotionally loaded purchase. For most people, it’s more than jewelry: It’s a symbol of love and affection and of the serious commitment they want to make. How much is that worth?

    For the typical American, two weeks’ pay, The New York Times reports.

    The median American spends about 4% (or two weeks) of annual pretax income on an engagement ring, according to an online poll of 1,640 adults conducted for The Upshot by Morning Consult.

    Across generations, the fraction spent on a ring has also been stable, with median spending falling between 3.7% and 5% of annual earnings.

    The Times’ estimate is lower than some others the wedding industry, even with higher figures, what is clear is that the three-month rule for engagement rings (which has roots in a brilliant marketing campaign) is very much an illusion.

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