Poor families plan to invest more than 5% of their earnings on prom this year, according to a survey.
Families with a household income of less than $25,000 plan to invest a whopping $1,393 for prom, based on Visas annual nationwide survey on high schools most storied night.
That’s compared to those making more than $50,000, who plan to spend an average of $799.
Spending for the day includes the costs of an after party, needless to say, tickets, clothes, flowers, and photographs.
The average spending of the more than 3,000 people surveyed was $919.
This means that individuals who fall around or beneath the poverty line are spending an average of almost $600 more than those who are roughly $475 above the total average, and individuals who are much more well off.
The national poverty line was $24,250 in 2014 for a household of four.
Low-income households spending more than wealthier ones on prom night turned into a fad in past years as well, according to Nat Sillin, Visa head of financial education in the U.S.
In both 2013 and 2012, poorer households stated they would spend more than the national average. But the past year in 2011, the opposite was true.
The survey discovered that prom spending is down 6% this year from a year before. However far more parents are planning to pick up the costs — 73% stated they’d cover their dream this year compared to just 56% this past year.