Study Finds Cheaper Engagement Rings Linked to Longer Marriages

A recent study conducted by economic professors Andrew M. Francis and Hugo M. Mialon at Emory University in Atlanta, Georgia, indicates a surprising correlation between the cost of engagement rings and the longevity of marriages. The research, which analyzed data from 3,000 married or previously married couples, sought to evaluate the relationship between wedding spending and the duration of marriages. The findings reveal that couples who invest significantly in engagement rings may face increased risks of divorce.

The study found that couples spending over $20,000 on an engagement ring were 3.5 times more likely to divorce than those who spent between $5,000 and $10,000. Additionally, those who purchased rings priced between $2,000 and $4,000 were 1.5 times more likely to separate than couples who spent between $500 and $2,000. While the research focuses primarily on couples in the United States, it raises compelling questions about financial decisions in relationships.

Financial expert Liam Croke, managing director of Harmonics Financial Ltd, emphasizes the importance of a stable financial foundation for a successful marriage. He advises couples to avoid following social pressures regarding engagement ring costs, pointing out that overspending on such items can lead to long-lasting financial strain. “Spending a considerable amount, if not all of one’s savings, or worse, going into debt for the sake of a ring, is asking for trouble,” he notes.

In Ireland, the average price for an engagement ring is around €3,600, with some estimates suggesting costs could be as high as €6,000. Croke contends that couples should prioritize financial stability over extravagant purchases. He encourages future spouses to allocate their savings toward significant expenses, such as a home deposit, rather than an expensive ring.

Croke reflects on a recent encounter with a couple facing financial difficulties. The husband revealed that he had drained his savings to buy an engagement ring, borrowing additional funds to cover the cost. Meanwhile, his wife concealed her credit card debt, which had ballooned to €8,000. The pressures of their financial situation, compounded by work-related stress, have strained their relationship.

Statistics support Croke’s assertion that financial conflicts are a leading cause of marital discord. Over the past two decades, money-related issues have consistently ranked as the top reason for divorce, surpassing challenges related to communication, intimacy, and family dynamics.

Croke highlights some key statistics regarding financial secrecy in relationships: 32% of women admitted to hiding purchases from their partners, while 17% of men reported similar behavior. Among individuals earning over €70,000, 71% have financial secrets, and 13% are concealing debt. These figures underscore the need for transparency and open communication about finances before entering marriage.

To foster a healthier financial future, Croke suggests that couples engage in candid discussions about their financial situations prior to marriage. He encourages them to address essential questions such as debt amounts, savings, and budgeting strategies. Establishing a joint budget can provide insight into potential financial challenges and help both partners understand their economic responsibilities.

Croke also advises couples to avoid unnecessary debt, particularly in regard to engagement rings. “Don’t feel pressured into believing you have to buy a ring based on what others do and say,” he asserts. The funds spent on an extravagant ring could instead contribute to a substantial home deposit, emergency savings, or retirement plans.

Ultimately, the study from Emory University and Croke’s insights highlight the importance of establishing a solid financial base for a successful marriage. Couples can improve their chances of a lasting relationship by prioritizing financial health and open communication. In a world where financial strain is a common source of marital discord, making informed and thoughtful choices can pave the way for a more stable and fulfilling partnership.