Price of engagement ring matters to more than half of Australians: report

A new study has revealed Wednesday that more than half of the surveyed Australians believe that when "putting a ring on it," the price matters.

Law firm Slater and Gordon conducted a survey of 1,000 people from across Australia and found that 52 percent believed that the price of the ring was important.

The average price of an engagement ring in Australia was found to be 3,311 Australian dollars (2,492 U.S. dollars).

According to the data, residents in the state of New South Wales cared the most about the price, at 55 percent, while people from the state of Victoria had the highest expectation when it came to the price, at 4,046 Australian dollars.

Australians in the state of Western Australia had the highest percentage of those who were of the belief that the cost of the ring was irrelevant, with 54 percent, while those in the state of Queensland had the lowest expectations when it came to the cost, at 2,249 Australian dollars.

When the data set was broken down by age group, young Australians were shown to have the highest price expectations for their engagement, expecting a value of 4,569 Australian dollars, while those of a somewhat older generation, people who are over 55 years of age, expected the least value from their partners, at 2,358 Australian dollars.

According to Australian law, if a woman receives an engagement ring from a man but refuses to marry him, then he may ask for its return. However, if a man chooses not he fulfill his end of the marriage bargain, then the woman is entitled to keep the ring. (1 Australian dollar = 0.75 U.S. dollar) Endit