For richer for poorer: Valentine’s proposals prove a romantic rip off

With UK consumer debt amassing some £1.3 trillion in December last year, going down on bended knee this Valentine’s Day is set to add to that total. A standard priced engagement ring is nearly four times a man’s average weekly wage according to price comparison site BeatThatQuote.com. But if the jewellers are to be believed, their formula says that men should be spending three month’s salary on a ring - setting the average earner back a whopping £6331! * Likewise, for the top 10 percent of UK male earners on an annual wage of £46,072, an engagement ring would cost £11,517 in accordance with the formula.

Elsewhere in the world of celebrity, affianced and recently wedded WAGs will not be happy to learn that they may have been short-changed. Chelsea defender Ashley Cole’s purchase of Cheryl Tweedy’s £50,000 engagement ring cost him just two week’s wages on his then £28,000-a-week Gunners’ salary. In line with his earnings, he should have spent £363,999. Had he, in fact, proposed to Cheryl following his transfer to Chelsea, the ‘three-times’ rule would mean that he would need to spend nearly £1.2m on a ring, in line with his £90,000-a-week salary.

Setting the perfect scene for a Valentine’s Day proposal provides a further drain on the personal finances. BeatThatQuote discovered a ‘complete experience’ approach to the most romantic day of the year, including a 5-star romantic city break, dinner, nibbles, limo hire, red roses, champagne and VIP theatre tickets amongst other things, would cost the consumer £9,700 – that’s nearly half the cost of the average UK wedding. ** Those wanting to splash out on more than today’s average-priced ring (a snip at £1913***) but can’t quite stretch to a celebrity-style budget, could always meet halfway with a four-carat diamond engagement ring priced at a cool £20K; bringing the total cost of a Valentine’s Day proposal to roughly £23, 000 – the recommended retail price of a kidney, should you wish to sell yours on the black market.

Sophie Neary, BeatThatQuote.com’s Product Director commented, “Impulsive men without the savings to cover an expensive engagement ring could end up re-mortgaging their home to cover the cost. In terms of managing your monthly outgoings, re-mortgaging is much more affordable than taking out a loan. A £10K ring, for example, would set the borrower back £198 per month if he were to take a five year loan at 7% APR. A twenty-five year mortgage at the same rate, however, would only cost £70.96 per month (although the total amount repayable under the mortgage is much higher).

“And anyone lucky enough to get a sparkler on Valentine’s Day should check it’s covered under their home insurance – it’s one phone call to alleviate the possibility of huge anxiety if anything happens to the ring.”

Five Star Valentine’s Day with all the frills

Romantic 5-star city break (incl. travel) for two —-£1,500

Rose bouquet (from royal florist Moyses Stevens) —- £250

Dinner for two at Gordon Ramsay's signature restaurant —- £354.38

Bottle of Louis Roederer Cristal Cuvee Prestige Champagne —- £165.99

Fresh Beluga Caviar 50gm —- £190

Phantom of the Opera VIP Royal reception theatre tickets —- £364

White Stretch limo hire for the evening —- £200

Diamond engagement ring —- £20,000

Sexy Underwear —- £350

- Total —- £23,374.37

*ESRC figures showed the average weekly wage for men in April 2006 was £487

**Average cost of a wedding approx £17,370 according to a 2006 Weddingplan survey

*** The London Paper reports that the average cost of an engagement ring is £1913 – a 15% price increase from 2005

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Notes to the editor:

About BeatThatQuote.com

www.BeatThatQuote.com is an online price comparison service and marketer that expertly matches buyers with product providers by directing consumers to its web site as they search on the internet for the best deals on financial products such as mortgages, credit cards and loans. BeatThatQuote collects relevant data which it then distributes to its financial services clients through its business web site, Finance Leads Online.

BeatThatQuote currently focuses on the financial services industry and plans to roll out additional products before extending its business model into other industries.

BeatThatQuote.com is the winner of the Growing Business Young Company of the Year award as well as being the NatWest Startups Business of the Year and Online Business of the Year winner. BeatThatQuote also reached the national finals in the Orange National Business Awards, the Women of the Future and the HSBC Start-Up Stars awards in 2006.

http://www.beatthatquote.com

For further information please contact the BTQ press office:-

Narda Shirley
Tel: +44 (0)7770 888318
Email: narda@gongcommunications.com