With Super Bowl XLV quickly approaching, a Visa Inc. survey conducted over the weekend finds that the average American hosting a Super Bowl party plans on spending $118 on food, beverage and other items, down from last year’s $144.
Surprisingly, the survey showed that women expect to spend more on their parties than men - $120 for women compared with $117 for men. In addition, younger fans (18-24 years old) plan on spending $152 while fans 25-34 expect to spend $143. Fans between the ages of 35 and 49 will spend an average of $119 and those 50-64 years of age plan to spend just $92.
The survey also shows that fans in both the Northeast (Steelers’ territory) and Midwest (Packers’ territory) expect to equally spend $107. Consumers in the South plan on spending an average of $122 while those in the West plan to spend the most - $131.
Interestingly, the survey also showed that people in the lowest income bracket who earn less than $20,000 plan to spend the most on their Super Bowl parties - $148. In contrast, people who earn between $30,000 and $40,000 are planning to spend just $84 on parties, while those earning $75,000 and above will spend $133.
To help football fans at all income levels budget for Super Bowl fun, Visa’s free, award-winning financial education program, Practical Money Skills for Life, offers an entertainment calculator. Additionally, to help parents begin the conversation about money management with their children, Visa, the NFL, and NFL PLAYERS have created a free, educational video game called "Financial Football." To date, Visa has reached agreements with twenty-nine states to distribute "Financial Football" to every public high school in those states.
"It doesn’t matter whether you make $1 or $1 million, if you don’t learn to budget, save and pay your bills on time, the personal and national economic consequences can be devastating," Pittsburgh Steelers’ Wide Receiver Hines Ward said previously when speaking about "Financial Football" before students at Allderdice High School in Pittsburgh.
"It takes the combined efforts of parents, teachers and mentors within the community to help individuals develop and build strong financial muscles," said Green Bay Packers’ Wide Receiver Donald Driver as he spoke to students at South Division High School in Milwaukee during a previous "Financial Football" event.
"The Super Bowl is a great excuse to throw a party, but it’s important not to commit a financial fumble by overspending on it," said Jason Alderman, Visa’s senior director of financial education. "The key play to make your Super Bowl party a financial success is to create a budget and stick to it."
||Jason Alderman, national personal finance expert and director of Visa’s financial education programs, Practical Money Skills for Life (www.practicalmoneyskills.com) and What's My Score (www.whatsmyscore.org), is available for interviews to discuss the survey findings as well as offer consumers tips on how they can budget properly for their Super Bowl party.
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