If you’re looking to get engaged or if you already are, you probably know how some rings are expensive.
According to a recent survey from TD Ameritrade, you might not have to spend a lot on a ring. The survey found that the age-old rule than an engagement ring should cost three month’s salary “could be going by the wayside.”
In a new survey, Generation Z and young millennials said engagement rings should cost less than $2,500. According to The Knot’s Real Wedding Study, an average engagement ring goes for $5,680.
The research defined Gen Z as individuals ages 15 to 21 and young millennials as ages 22 to 28. Women of all ages said they think an engagement ring should cost less, according to the study.
With this study, data shows that millennials are most likely to pay the bill for their own wedding. Four in 10 people of that generation said they plan to pay for their own wedding.
93% of parents said they expect helping out for the big day. Chris Bohlsen, director of investor services at TD Ameritrade, said it is important to communicate.
“Have that communication with your parents,” Bohlsen said. “Have that communication with your partner and their parents, to be able to get a healthy understanding of where you’re going to be sitting financially.”
The survey was conducted online by Harris Poll between Feburary and March. 3,054 United States residents who were ages 15 and up took the survey.