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Finance News |
19% OF UK SURVEY RESPONDENTS: SPEND LESS THAN US$400 ON ENGAGEMENT RING
February 09, 2005
A survey conducted by British bank Halifax plc, found that over half (53 percent) of the 951 adults questioned said they thought it was reasonable to pay half a month's salary or less for an engagement ring. Only 17 percent said they thought it should be a full month's salary and 8 percent said they thought it was reasonable to pay more.
When asked what they thought was a reasonable amount to pay in pounds, the survey found that 19 percent said they thought that it was reasonable to pay less than US$400 and 44 percent said less than US$1,000. Less than one in ten (9 percent) indicated it would be in the traditional range of US$1,900 to US$2,800. Incidentally, when it came to the length of time people expected to be engaged for, the majority thought it should be between one and two years (33 percent), while 8 percent thought it should be longer than 3 years.
“Our results show that a traditional white wedding still remains the favored way to tie the knot. More and more couples are having to pay for this themselves and a personal loan is an increasingly popular way of affording the ceremony,” says Gary Duggan, Head of Halifax Unsecured Personal Loans. The bank calculates that the average annual net income in the UK to be US$31,300.
Source : TACY LTD.
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