ALMOST half of people in Britain planning to propose to a loved one will get into a form of debt to pay for an engagement ring, fresh research published today reveals.

Across the UK, where the average cost of an engagement ring is £6,300 - almost three times the average monthly salary - one fifth of Britons take up to five years to pay the debt off, a study suggests.

Led by financial comparison site money.co.uk, the study found more than a third of those surveyed said they had 'regret' how much money they had spent on their wedding rings, while it found almost 50 percent of those asked said they used credit cards and personal loans to finance engagement rings.

'The head should lead the heart'

Warning against spending too much on the wedding day Salman Haqqi, personal finance expert at money.co.uk, urged people to budget for engagement rings.

He said: "Our research shows that the average amount of debt Brits incur buying an engagement ring is around £6,300, around 2.6 times the average monthly salary - an eye watering sum if you are getting into debt to pay for it.

“Spending outside of your means, even with the most romantic intentions, can lead to future financial difficulties that you should try to avoid.

"When it comes to the cost, the head should always lead the heart, so make sure you budget for your new bling and don’t let the seductive sparkle impact your spending.”

According to money.co.uk, it found getting married was not a main priority for couples in the UK in 2020.

Purchasing a new home, going on regular holidays, socialising and purchasing a new car were prioritised ahead of marriage by new couples.

'Poundland rings'

Last year, budget retailer Poundland revealed it was selling its 'Bling Ring' range of enagement rings in its 896 stores across the country.