Engagement rings have been a tradition for generations. It is a symbol of love, devotion and partnership between two people. Over the years, however, engagement rings have become more expensive, and many low- and middle-income families are questioning whether engagement rings are financially viable. In this article, we will explore whether expensive engagement rings are becoming a financial burden for low and middle-income families to conduct a marriage.
Engagement Ring Price Increase
Prices of engagement rings have increased significantly over the years. According to a study conducted by The Knot, the average price of an engagement ring in 2020 was $5,500. That’s a significant increase from the average engagement ring price of $2,100 in 2011. The increase in engagement ring prices is due to a variety of factors, including inflation, precious metal and gemstone prices, and demand for unique designs.
Economic Burden On Low- And Middle-Income Households
Low- and middle-income families often struggle to make ends meet, and the cost of engagement rings can be a significant financial burden. The cost of engagement rings can represent a significant portion of your income and savings, and may not be a reasonable expense. The financial burden of an expensive engagement ring can leave couples with significant debt and financial burden even before the marriage begins.
Alternative Options For Engagement Rings
Engagement rings are a traditional symbol of love and commitment, but they are not the only option. There are other ways couples can consider symbolizing love and commitment without the financial burden of an expensive engagement ring. For example, couples can choose to exchange meaningful gifts such as sentimental jewelry, books, or works of art that have special meaning to them. Another option is to choose a smaller, more affordable engagement ring that fits your budget.
Importance Of Communication
It’s important for couples to be open and honest about their financial situation before buying engagement rings. It’s important to set a budget and consider the long-term financial impact of your purchase. Open communication and financial planning can prevent serious debt and financial stress for couples in the future.
An expensive engagement ring can be a financial burden for low- and middle-income people. However, there are alternative options that couples can consider. The most important thing is open communication and financial planning between the couple to avoid large debts and financial stress in the future. The price of an engagement ring should never be a measure of love and commitment. It’s important to remember that what matters most is the love and partnership between two people.