Thinking of proposing to your loved one this Valentine’s Day? New research by the Halifax shows you wouldn’t be alone in choosing to spend less than the traditional one month’s salary on an engagement ring.

In a survey conducted by NOP World on behalf of Halifax Unsecured Personal Loans, more than half of those questioned thought it was reasonable to pay up to half a month’s salary for a ring.

Indeed, almost one in five considered less than a quarter of the average monthly salary- £200 of a monthly £1404- was a reasonable amount.

The big day itself could be more of a strain on your finances, however.

Nearly half those surveyed said they would prefer a traditional white wedding- and bridesmaids’ dresses, photographers and receptions don’t come cheap.

Our results show that a traditional white wedding still remains the favoured way to tie the knot,” comments Gary Duggan, head of Halifax Unsecured Personal Loans.

“More and more couples are having to pay for this themselves and a personal loan is an increasingly popular way of affording the ceremony.”

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