Article date: 12 February 2002
Men appear to be getting meaner when it comes to investing in anengagement ring according to online personal finance servicenorwichunion.com.
The survey showed that men who popped the question in the 1950'swere 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 aring for their intended.
However this less generous approach doesn’t seem to causetoo much trouble and strife, with women agreeing with men on theproportion of a man’s salary that should be spent on thering. Young lovers are perhaps starting their relationships off onmore financially stable foundations by investing their money.
And some things never change – the findings showed thatwomen were likely to fall on their feet if they fell for an olderman. Men aged 65 and over were twice as likely to spend aboveaverage on an engagement ring.
Women should move to East Anglia, closely followed by Wales andScotland to find men more likely to spend a greater share of theirsalary on a ring. The meanest men are in the south east and greaterLondon, being five times more likely to spend a smaller proportionof their salary than the men of East Anglia.
Rob Davies, brand manager, norwichunion.com, said: "This surveyshows how attitudes to money are constantly changing. It is not somuch a lack of generosity on the man’s part nowadays but morean indication of how couples today are often considering otherfinancial commitments at this time. These may include planning tofinance the wedding day, a new home, and, in some situations,couples who already have children are considering the cost ofschooling and further education.
He added: "And investing in jewellery doesn’t necessarilyoffer the best returns. With tax concessions offered on ISAs* andpotential bargains currently being offered by the stock market,couples could be looking to spend more of their money on these typeof investments than an engagement ring."
Newly engaged couples reviewing their finances might like tovisit norwichnunion.com and take advantage of a wealth ofinteractive financial planning tools.
And the share dealing offer of just £5 a trade** means that menwill be able to save even more money on their investments!
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 favourabletax treatment of these investments may not be maintained in thefuture.
- This survey was carried out by Taylor Nelson Sofres between18-20 January 2002. 1,003 people, aged 16+, were interviewed onthe telephone across the UK.
- norwichunion.com was launched in May 2001 and provides acomprehensive range of free, interactive financial planning toolsand impartial money guides, designed to help people make betterfinancial decisions by making complex money matters simple.
- A fund supermarket ISA, offered by NUSOF.com Limited, andshare dealing service are the first in a range of products thatwill subsequently include a number of banking products.
- Norwich Union is the UK’s largest insurer offering acomprehensive range of long-term savings and general insuranceproducts.
- Norwich Union’s news releases are available on thisinternet site
- A selection of images is available from the Norwich UnionNewscast 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 allother media enquiries 08703 66 68 68
**The £5 per deal plus stamp duty and PTM levy, if applicable,is a special offer which commenced on 7 January 2002 and willfinish on 31 March 2002. The operation of this special offer isentirely within our discretion, further we reserve the right towithdraw the special offer at anytime. An additional £5 will becharged for trading over the phone and from 1 April 2002 ourstandard pricing for share dealing will apply. Please note thatthere are additional quarterly management charges of £9.95 once youhave set up your account online. Please read the full terms andconditions on the norwichunion.com web site for importantdetails.
Please remember that past performance is no guide to futureperformance. These are risk investments and their value, and anyincome from them can go down as well as up.
The norwichunion.com online share dealing service is provided byPershing Securities Limited (Pershing) who are regulated by theFinancial Services Authority and are members of the London StockExchange and LIFFE and are members of the London Stock Exchange andLIFFE. By using the service, customers will form a contract withPershing and all share trades effected by customers will be withPershing. To market the service, Norwich Union Wealth ManagementLimited is regulated by the Financial Services Authority forinvestment business.