Americans feel more pressure from society and social media to have an expensive engagement than from their own inner circles, according to new research.
A survey of 2,000 U.S. adults in serious relationships, engaged or married, revealed that 51% feel pressure from society as a whole, and another 49% feel the same pressure from social media.
In contrast, fewer than two in five feel pressured into a high spend from their family members (37%) or their partner (35%).
In fact, almost two-thirds of those polled (65%) agree that engagement rings have evolved from a symbol of love to a financial burden.
The survey also polled an even split of Gen Z, millennials, Gen X, and baby boomers and found that many would be open to alternatives to the traditional diamond ring, and the younger generations are leading the charge.
Gen Z would consider having a stone other than a diamond (30%) or going on a trip together instead of a ring entirely (26%).
Twenty-five percent of Gen Z and 21% of millennials would consider tattoo finger rings or even matching tattoos elsewhere as an alternative (22% and 21% respectively).
Conducted by Talker Research on behalf of banking app Chime, the survey put the old “save three months of your salary” rule to the test.
Results revealed that an engagement ring should cost about $10,600 in 2026, and those polled bring in an average of just over $62,100 per year. This means 25% of that should be spent on a ring, or about $15,525.
This rule may be a thing of the past. With today’s average salary and the ideal ring cost, Americans polled are only spending about 17%, or just about two months’ salary.
Expectations aside, 24% of married and engaged respondents say they or their partner actually spent three months’ salary on the ring at the time it was purchased.
Generationally, two in five married or engaged Gen Z respondents followed the three months’ salary rule, along with 30% of millennials, 21% of Gen X, and just 10% of baby boomers.
But at the end of the day, 60% of those polled don’t want to know or their partner to know the actual cost of the engagement ring.
“We’re watching a real cultural tug of war play out around engagements. Three in five (61%) Americans say social media has reshaped expectations. It has turned proposals into events that need to be filmed, photographed or ‘social media worthy’,” said Janelle Sallenave, Chime’s Chief Spending Officer. “But behind the scenes, priorities look very different. Forty-four percent say being “financially ready” to get engaged simply means having a steady income, and 40% say it starts with transparent money conversations. The aspiration is shifting from a picture-perfect moment to long-term financial confidence. The real milestone is not the post; it is starting your marriage on solid ground.”
According to the results, different generations have different definitions for what it means to be “financially ready” to get engaged.
For baby boomers, just having a secure job (42%) is a defining factor, while Gen Z is most likely to consider the ability to afford their dream engagement or wedding (23%) or even afford a specific engagement ring (19%).
The good news is that 68% of those polled either felt or feel financially ready to get engaged.
And while half (53%) didn’t or won’t put their engagement off for anything, one in 10 waited due to not making enough salary.
One in five Gen Z put it off due to feeling like they had to wait a “right” amount of time before getting engaged, nearly twice as many as any other generation.
“According to the results, respondents would much rather start married life debt-free than have an expensive engagement ring (74% vs 15%), underscoring that Americans want to reshift the focus back to love rather than luxury, said Sallenave.”
What is Each Generations “Perfect” Engagement Ring Price Tag?:
- Millennials report the highest income at an average of about $65,800 and engagement ring price tag around $13,000.
- Gen Z reports the lowest income, at an average of about $60,600. They’re the second-highest spenders on engagement rings, believing it should cost close to $11,400.
- Baby boomers opt for the lowest cost, believing an engagement ring should cost an average of just under $6,500, though they still average a yearly income of just over $61,000.
- Gen X falls closer to the youngest generation, bringing in a little over $60,800 each year. They believe an engagement ring should cost just under $10,800.
Research methodology:
Talker Research surveyed 2,000 Americans split evenly by generation (500 Gen Z, 500 millennials, 500 Gen X, and 500 baby boomers) who are in a serious relationship, engaged or married, who have access to the internet; the survey was commissioned by Chime and administered and conducted online by Talker Research between Feb. 12 and Feb. 26, 2026.
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