New survey reveals many men are spending more than £4,000 on engagement rings
London, UK - Men are now under pressure to spend up to a quarter of their annual salary on an engagement ring for their loved one, blowing the traditional rule of thumb of a month’s salary out of the water, according to a new survey from specialist insurer Hiscox (1)
With Valentine’s Day around the corner and romantic proposals in the air, the traditional guideline that a man should spend a month’s salary on an engagement ring is now officially out of date. Hiscox’s survey revealed that 64% of married and engaged men spent as much as three months’ salary on the perfect ring and a further 11% spent more than three months of their wage packet. The trend is being followed by those thinking about popping the question; more than one in three single men questioned expect to have to spend as much as three months’ salary and a further 14% expect to invest even more when they finally take the plunge.
But it seems that shelling out up to a quarter of your annual salary is no guarantee that she will be swept off her feet. 58% of the men surveyed admitted to feeling under considerable pressure to second guess their loved one’s wishes and choose exactly the right ring. In fact, 53% of married or engaged men confessed to buckling under the pressure, opting instead to choose the ring together with their partner. While 11% of men thought their future wife was disappointed with the ring they received, the number of women in the survey left wanting was actually higher at 13%, citing either a desire for a bigger stone or a different style altogether as the reasons for their disappointment. 55% of women admitted it did meet expectations only because they helped to choose it.
With the average UK salary now £22,500(2) the Hiscox survey indicates many men could now be spending more than £4,000 on an engagement ring. Yet, despite spending more than ever before, they are still lax when it comes to making sure the gems are properly protected. According to the survey, 63% of men and 79% of women either assume their rings are covered under their household insurance policy without actually checking, or don’t have any insurance at all.
Kevin Kerridge, Head of Direct Business, Hiscox, comments: “Losing a valuable ring is easier than you think. We regularly see claims for rings that have slipped off fingers, fallen down the plughole and even, on one occasion, a ring that was left on the kitchen unit and then swept into the rubbish with last week’s papers. Having spent so much hard earned cash you stand to lose a small fortune if it is not insured properly. The golden rule is to check your policy carefully – never assume an item of that value will be covered under your standard policy unless your cover is with a more specialist household insurer.”