Gen Z and Millennials are planning to pay less for their engagement rings.

Gen Z and Millennials are planning to pay less for their engagement rings. According to TD Amitrade, 15-28-year-olds believe that a ring should cost less than $2,500—which is less than half the national average. Young women across age groups say that an engagement ring should cost less than it does, helping to break the traditional expectation that the symbolic jewelry should cost three months’ salary. YPulse has found that 56% of Millennials believe there are no rules to determine the budget for an engagement ring, and over a third say that big expensive rings are out of style. (CNBC)