What’s the price of prom?

Posted at 4:59 PM, Apr 01, 2015
and last updated 2015-04-01 16:59:27-04

New York, NY.- According to a new survey, poor families plan to spend more than 5% of their income on prom this year.

According to CNN, spending for the evening includes the costs of tickets, clothes, limousine rentals, flowers, photographs, food accommodations, and an after party as well. Families that have a household income of less than $25,000 plan on spending $1,393 for the prom according to Visa’s annual nationwide survey on the high school event.

This is in comparison to those making more than $50,000, who plan on spending an average of $799 on the event. Overall, the average planned spending of more than 3,000 people surveyed was $919.

Thus, those within, or below the poverty line are spending an average of nearly $600 more than those who are considered more well off, and about $475 above the overall average.

According to the survey, in 2012 and 2013, poorer families said they would spend more than the national average; therefore, exceeding the amount of those who made more than $50,000. Additionally, in 2014 the federal poverty line was $24,250 for a family of four.

According to Nat Sillin, Visa’s head of financial education in the U.S, low-income families are spending more than wealthier ones on prom night, and it has become a trend throughout the past years.

Although the survey found that prom spending is down 6% since last year, more parents are willing to pick up the costs, and 73% said they would pay for the event compared to 56% last year.

-Meghan Puryear