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If you’re looking to get engaged, take heart: You might not have to shell out a lot for that bling.
That’s according to a recent survey from TD Ameritrade, which found that the traditional rule that an engagement ring should cost three months’ salary could be going by the wayside.
Two-thirds of younger Americans — Generation Z and young millennials — think an engagement ring should cost less than $2,500, according to the survey, or less than half the national average. The average engagement ring in the U.S. goes for $5,680, according to The Knot’s 2018 Real Wedding Study.
The research defined Gen Z as individuals ages 15 to 21 and young millennials as ages 22 to 28.
What’s more, women across all age groups said they think an engagement ring should cost less, according to the TD Ameritrade study.
Millennials are also more likely to foot the bill for their own weddings, the survey found. Four in 10 members of that generation said they plan to pay their own way.
That may be good news for parents, 93% of whom said they expect to contribute to the big day.
It’s important for all couples at this big financial inflection point in their lives to remember that communication is key, said Chris Bohlsen, director of investor services at TD Ameritrade.
“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.”
A majority of both Gen Z and young millennials said they either plan to get married someday or are already married, according to the survey. One in 4 said they plan not to get married at all.
TD Ameritrade’s survey was conducted online by the Harris Poll between February and March. It included 3,054 U.S. residents ages 15 and up.