Sparkly engagement rings have become such a crucial part of a marriage proposal but a new poll revealed that the dazzling attraction that an expensive engagement ring holds might no longer be a necessity. There are those who were raised to think that for a proposal to be perfect, buying the best engagement rings in Melbourne is required. Millennials beg to differ.
In a recent survey that was conducted by The Cashlorette.com which is a partner company of Bankrate, majority of millennials are not willing to buy expensive engagement rings. It was in July when the poll was posted and there are 1,001 adult participants.
Older millennials or those who are 27 to 36 years old is the age group that believes in the fact that consumers should only buy wedding rings that are equal or less than their salary for a single month. Around 31 per cent of the older millennials are in agreement with the one month salary limit while 10 per cent believes that it should be less than that. There is a 3 per cent that thinks engagement rings are not necessary and that spending money on it is not a discussion.
25 per cent of Generation X, on the other hand, thinks that one month worth of salary should be spent on an engagement ring while 21 per cent of baby boomers are in agreement. Just 5 per cent on each group suggested that less than that should be spent while only 2 per cent believes that engagement rings are not needed or not worth spending money on.
According to TheCashlorette’s Sarah Berger, millennials have a lot of other goals financially that a ring does not take up their top priority.
She said that older millennials tend to have the burden of debt from their student loan and more are keen on saving money in order to get their first house.
She also explained that this generation has proven that they are not very interested in having expensive material belongings.
Berger said that instead of spending money on engagement rings in Melbourne, many millennials dream of gaining more personal experiences rather than having material things.