Posts tagged with "Department of Economics"

Bigger isn’t better: Why a smaller engagement ring may signify a longer marriage

September 21, 2018

When you are trying to “size up” a woman’s relationship, don’t calculate in the size of her diamond ring. Recent research shows that couples who spend shrewdly and realistically on their engagement ring and wedding reception are more likely to have long-lasting marriages, according to a report by NBC News.

The ‘“A Diamond Is Forever’ and Other Fairy Tales” study—co-authored by Andrew Francis-Tan, a visiting associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore and Hugo M. Mialon, associate professor and director of undergraduate studies in the Department of Economics at Emory University— examined the association between wedding spending and marriage duration using data from a survey of over 3,000 “ever-married adults” in the United States.

The researchers said that their goal was to establish whether spending a fortune on a ring and a wedding, (as we’re frequently inclined to do, often to our own regret) impacts the longevity of a marriage.

“Wedding industry advertising has fueled the norm that spending large amounts on the engagement ring and wedding is an indication of commitment or is helpful for a marriage to be successful,” Mialon told NBC News. “In either case, the general message [put out by the wedding industry and eagerly accepted by couples worldwide] is that wedding spending and marriage duration are positively correlated.”

But that’s not the case. In fact, there’s a sweet spot for how much a ring should—or shouldn’t—cost.  Through their research, Francis-Tan and Mialon found that men who spent between $2,000 and $4,000 on an engagement ring had a higher rate of divorce (of about 1.3 times) than men who spent between $500 and $2,000.

But the pendulum swings the other way, too. Spending less than $500 on an engagement ring was found to be associated with higher divorce rates in the sample of women surveyed.

However, the academics assert that these findings  “[do]not prove that high expenses on the engagement ring and wedding ceremony cause divorce;  only that high expenses on the engagement ring and wedding ceremony are positively correlated with divorce, holding constant a number of demographic and relationship characteristics, including income.

Their overall recommendation: It’s not about the price tag; it’s about what you can afford, NBC News reports. Do not spend your whole bank account on one day in your life, no matter how special. Your focus should be on the long-term health and vitality of your relationship.

“What could explain the observed negative association between wedding expenses and marriage duration? Perhaps those couples who tend to have lavish weddings are simply those couples who tend not to be the best match for each other,” Mialon told NBC.

“On the other hand,” he points out, “it is also possible that having an expensive wedding burdens [a couple] financially in a way that may later strain their marriage”

Research contact:  sppamft@nus.edu.sg