Men appear to be getting meaner when it comes to investing in an engagement ring according to online personal finance service norwichunion.com.
Men appear to be getting meaner when it comes to investing in an engagement ring according to online personal finance service norwichunion.com.
The survey showed that men who popped the question in the 1950's were three times more likely to have spent three months’ salary or more on an engagement ring than today's suitors.
Men today expect to spend less than a month’s salary on a ring for their intended.
However this less generous approach doesn’t seem to cause too much trouble and strife, with women agreeing with men on the proportion of a man’s salary that should be spent on the ring. Young lovers are perhaps starting their relationships off on more financially stable foundations by investing their money.
And some things never change – the findings showed that women were likely to fall on their feet if they fell for an older man. Men aged 65 and over were twice as likely to spend above average on an engagement ring.
Women should move to East Anglia, closely followed by Wales and Scotland to find men more likely to spend a greater share of their salary on a ring. The meanest men are in the south east and greater London, being five times more likely to spend a smaller proportion of their salary than the men of East Anglia.
Rob Davies, brand manager, norwichunion.com, said: "This survey shows how attitudes to money are constantly changing. It is not so much a lack of generosity on the man’s part nowadays but more an indication of how couples today are often considering other financial commitments at this time. These may include planning to finance the wedding day, a new home, and, in some situations, couples who already have children are considering the cost of schooling and further education.
He added: "And investing in jewellery doesn’t necessarily offer the best returns. With tax concessions offered on ISAs* and potential bargains currently being offered by the stock market, couples could be looking to spend more of their money on these type of investments than an engagement ring."
Newly engaged couples reviewing their finances might like to visit norwichnunion.com and take advantage of a wealth of interactive financial planning tools.
And the share dealing offer of just Ł5 a trade** means that men will be able to save even more money on their investments!
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Press contact:
Lucy Haughey/Louise Zucchi at Norwich Union on 08703 66 68 68
Notes to editors
*The future basis and rates of tax may vary, and the favourable tax treatment of these investments may not be maintained in the future.
- This survey was carried out by Taylor Nelson Sofres between 18-20 January 2002. 1,003 people, aged 16+, were interviewed on the telephone across the UK.
- norwichunion.com was launched in May 2001 and provides a comprehensive range of free, interactive financial planning tools and impartial money guides, designed to help people make better financial decisions by making complex money matters simple.
- A fund supermarket ISA, offered by NUSOF.com Limited, and share dealing service are the first in a range of products that will subsequently include a number of banking products.
- Norwich Union is the UK’s largest insurer offering a comprehensive range of long-term savings and general insurance products.
- Norwich Union’s news releases are available on this internet site
- A selection of images is available from the Norwich Union Newscast site at www.newscast.co.uk
- An ISDN facility is available for studio quality interviews. Call the press office on 08703 66 68 68
For life and pension media enquiries 08703 66 68 73 For all other media enquiries 08703 66 68 68
**The Ł5 per deal plus stamp duty and PTM levy, if applicable, is a special offer which commenced on 7 January 2002 and will finish on 31 March 2002. The operation of this special offer is entirely within our discretion, further we reserve the right to withdraw the special offer at anytime. An additional Ł5 will be charged for trading over the phone and from 1 April 2002 our standard pricing for share dealing will apply. Please note that there are additional quarterly management charges of Ł9.95 once you have set up your account online. Please read the full terms and conditions on the norwichunion.com web site for important details.
Please remember that past performance is no guide to future performance. These are risk investments and their value, and any income from them can go down as well as up.
The norwichunion.com online share dealing service is provided by Pershing Securities Limited (Pershing) who are regulated by the Financial Services Authority and are members of the London Stock Exchange and LIFFE and are members of the London Stock Exchange and LIFFE. By using the service, customers will form a contract with Pershing and all share trades effected by customers will be with Pershing. To market the service, Norwich Union Wealth Management Limited is regulated by the Financial Services Authority for investment business.