Millennials are spending more on average than any other generation on engagement rings, but only one in two Australians (52%) are thinking of insuring the expensive purchase that’s going to help them pop the big question, according to new Allianz research.
The study showed that 22% of Australians are spending an average of $5,000 on an engagement ring, with younger Australians amongst the biggest spenders.
Twelve per cent of millennial Australians reported spending a staggering $10,000 or more on an engagement ring, with some even spending more than $20,000 on the jewellery. Meanwhile, only 4% of baby boomers reported investing more than $10,000 in a ring, while 28% chose to spend less than $2,000 in total.
“Although millennials are spending more money than ever before, the carefree attitude when it comes to protecting one’s engagement ring is apparent across each generation, with half of all Australians failing to insure their rings,” said Donna Walker, Allianz Australia chief technology officer.
Findings showed that 31% of Australians risk losing their engagement ring by taking it off regularly for daily activities, despite not having the ring insured. There’s also the risk that an engagement ring can slip off while doing any activity or getting stolen.
“Many people don’t realise an engagement ring can easily be added to your existing home contents insurance,” Walker said. “And for items that you take out of the house regularly – like engagement rings – people should consider portable contents insurance.”