Prom spending continues to outpace inflation and grew for the second straight year, hitting an average of $1,139 per family in 2013, results from a new survey released today by Visa Inc. show. That represents an increase of 5% from the $1,078 that American families who have a teenager attending a prom spent on all aspects of the dance in 2012.
- Northeastern families will spend an average of $1,528;
- Southern families will spend an average of $1,203;
- Western families will spend an average of $1,079; and
- Midwestern families will spend an average of $722.
Parents surveyed who made less than $50,000 a year plan to spend more than the national average, $1,245, while parents who make over $50,000 will spend an average of $1,129. Additionally, single parents plan to spend $1,563, almost double the amount that married parents plan to spend at $770.
The Visa survey also found that parents are planning to pay for 59% of prom costs, while their teens are covering the remaining 41%.
For help with the family finances, the Boston Public Library has the following:
The Moneysmart Family System
Don’t Break the Bank
A Student’s Guide to Managing Money, 2012 (eBook – 2012)
The M Word
The Money Talk Every Family Needs to have about Wealth and Their Financial Future
Sackler, Lori (book -2013)