A survey of 1,000 newlyweds by World of Wedmin showed that only 10% of men now spend that amount on a diamond ring.
In fact, a quarter of them admitted they only spent two weeks' worth of hard-earned cash on the bling.
Moreover, if you were expecting an epic proposal a la Kim Kardashian, you might be a tad disappointed, because 30% of proposals now happen at home to save money. And maybe avoid the embarrassment of proposing in front of 50,000 people.
That's all well and good, but what do women think? Well we're sorry boys, but size (and cost) does matter...
Last year, a poll from jeweller Taylor & Cohas found that women thought men should spend £1,360 on the perfect engagement ring.
Despite 88% of men thinking women were demanding when it came to the type of engagement ring they wanted, 58% of women said they didn't want their partner spending over a month's salary on their ring.
Meanwhile, 20% of ladies polled said they thought men should spend more than a month's salary on their ring.
23% also said that the more a man spends, the more he loves you. We are presuming they are the same 20%.
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What do you think? Does it matter how much a man spends? Tell us @handbagcom
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