LONDON, February 28, 2012 /PRNewswire/ --
- 1.3 million British women are prepared to propose to their partner
- Men unlikely to get an engagement ring but expect to pay for their fiancée's
- Britons think couples should show their commitment with joint finances
Each Leap Year brings with it, not only an extra day to February, but an age-old tradition where women propose marriage to men. This year is proving no exception, with new research, from American Express Platinum Cashback Credit Card, revealing that more than 1.3 million unmarried British women would be prepared to propose to their current partner, of which around 200,000 would choose the Leap Day on which to pop the question.(1)
With 29 per cent of people knowing a woman who has initiated a marriage proposal -8 per cent of women having done so themselves - this trend is increasingly commonplace among modern British couples. The majority of those asked (31 per cent) support female proposals and believe more women should take the plunge.
However, almost one in three (32 per cent) women feel the groom-to-be should not be presented with a ring at the proposal, with only 22 per cent suggesting a 'man-gagement' ring as a suitable offering. Yet when it comes to the woman's engagement ring, 53 per cent of women think their ring should be paid for by both parties. However most men (39 per cent) think the man should foot the bill regardless of who proposes.
A question of timing
The marriage debate rages on, as the research finds that men are happy to get engaged after a relatively brief period; 30 per cent of men think it is acceptable to get engaged before the first anniversary of the relationship. However, the majority of women (36 per cent) say two years is a more appropriate length of time.
Although the genders differ on when to get engaged, three quarters (76 per cent) of Britons agree that couples in a lasting and committed relationship should have joint finances. The majority of the older generation - those aged 45 and over - believe it is most acceptable for couples to have joint finances only after marriage (35 per cent), while the majority of people aged 18-44 (27 per cent) said that in this day-and-age it is advisable for people to have joint finances when they share a flat or house together.
Finances: a joint effort
The research revealed that couples with joint finances are not always making the most of their combined spending and saving potential. Only 15 per cent of couples have joint credit cards that earn them either rewards or cashback on their collective spending. Given the average UK yearly household spend is £14,300 there is huge potential for couples to work together by pooling their everyday spending to double the rewards on a joint credit card.
One in five couples (21 per cent) still keep their finances separate and split costs between them, while 13 per cent of couples get cash out of the bank and split it between them to spend each week. In addition, 9 per cent admit to having a personal account or credit card that their partner has no knowledge of.
When it comes to finances, differing attitudes are rife between the sexes:
What women... What men... 29 per cent of 23 per cent of men women believe men think they are good think about are bad at sticking think about at sticking to men... to budgets themselves... budgets Only 13 per cent of 35 per cent of men women feel men are think they are more more practical and practical and spend spend money more money more wisely wisely than women than women Only 13 per cent of women think men 26 per cent of men should be think they should responsible for be responsible for tracking tracking household/family household/family finances finances 40 per cent of 22 per cent of men women think they think women are are more likely to more likely to look think about look for a bargain think about for a bargain than themselves... than men women... men
Julie Hay, Head of Platinum Cashback Credit Card at American Express, said: "Like proposing, combining finances is a big show of commitment for any couple, and one that should be carefully considered. It makes sense to get the most out of your everyday spending as a couple, so a joint credit card that offers rewards or cashback means you can double your spending power as a couple and make your money work even harder.
"For example, the market-leading American Express Platinum Cashback Credit Card offers free supplementary cards, which means couples can unite to maximise on their spending and earn a significant amount of cashback on their everyday purchases."
Key product features and benefits of the Platinum Cashback Credit Card:
- 5 per cent introductory rate up to a maximum of £100 Cashback and 1.25 per cent thereafter for the first three months.
- A simple 1.25 per cent flat rate on every full £1 spent per purchase.
- 2.5 per cent (double the on-going rate) on every full £1 spent per purchase made during the Card anniversary month every year if purchases in excess of £10,000 have been made in the preceding 12 months.
- No minimum or maximum limit on the amounts of Cashback that can be earned after the first three months.
- A £25 annual fee is payable at the beginning of each membership year.
- Cashback is paid annually in the Card anniversary month.
- Card members have the opportunity to opt-in to exchange their annual Cashback for retail vouchers which can be used at High Street shops and receive an extra 5 per cent on top of their Cashback balance.
- Representative 18.5 per cent APR variable (includes £25 fee). Purchase interest rate is 14 per cent per annum variable.
- Primary Card members can apply for free Supplementary Credit Cards for friends or family members, meaning more Cashback can be accrued even more quickly.
For more information or to apply for a Card visit: http://www.amex.co.uk/platcashback
Notes to editors:
Please reference the American Express Platinum Cashback Credit Card research when using the statistics.
(1) Omnibus research was conducted by One Poll, 2000 adults aged between 18+ were surveyed online between 11 and 12 February 2012.
- Office of National Statistics UK population figures state there are 25,018,600 women in the UK aged 18+ (total of 31,417,900 females of all ages, minus 6,399,300 females under 18 = 25,018,600). The omnibus research survey found 29.14% of women are in a relationship but not married or engaged, this equates to 7,290,420. 18.3% of these women would be prepared to propose to their current partner = 1,334,146.
- Based on calculation above. 3% of women who are in a relationship but not married or engaged (7,290,420) would be prepared to propose on a Leap Day = 218,712.
(2) The Office of National Statistics, 2011 Family Spending Survey. The survey states that the following costs are accumulated on average by each household in the UK (£14,279 in total):
- £1,123 on fuel
- £2,766 at the supermarket
- £2,850 at department stores
- £7,540 on other items such as restaurants, hotels and other recreational activities
About American Express
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SOURCE American Express UK