Does an engagement really need a ring?

This post came from another on here about getting engaged, which made me want to ask about the situation I am in.

I've been with my bf for a long time now. We live together, share our finances, pretty much live like we're married. We have discussed getting married many times (he usually brings up the conversation, talking about details and such), and we both know we are going to get married.

Sadly, the issue is of money. He went back to school late and just finnished at 32, with a fair bit of student loans. He is a teacher, and is just making enough to get by (after paying his share of the bills, and making his monthly student loan payment, he maybe has $50 left at the end of the month for spending money).  I on the other hand don't have a student loan, and have a good salary so I can cover the extra expenses that he can't - including the wedding.

He doesn't want to get married until he can afford to get me a ring. I don't care about the ring. But he says he would feel like in the eyes of my family he would just be a bum if he couldn't at least do that.

I haven't pushed the issue, but I really don't care about the ring at all. Would you think of someone as being a "bum" or not worthy if they couldn't afford an engagement ring?

Fair enough.