The summer season has officially begun and Independence Day is quickly approaching. A new survey released by Visa Inc. shows that Americans will spend an average of $216 on travel, food, beverages, entertainment, fireworks and other items over the Fourth of July holiday.
The survey showed that men expect to spend substantially more than women — an average of $247 for men compared with an average of $182 for women. The survey also showed that the younger a person is, the more they will spend on Fourth of July festivities:
- 18-24 year olds will spend an average of $379
- 25-34 year olds will spend an average of $238
- 35-49 year olds will spend an average of $218
- 50-64 year olds will spend an average of $155
- 65+ year olds will spend an average of $130
Additionally, regional disparities exist:
- Southerners will spend an average of $263
- Westerners will spend an average of $230
- Midwesterners will spend an average of $178
- Northeasterners will spend an average of $146
According to the survey, 18% of respondents estimate they will not spend anything on the Fourth.
“The Fourth of July is a great reason to celebrate, but it’s important not to overspend on it,” said Jason Alderman, Visa’s Senior Director of Global Financial Education. “The key to making your Independence Day celebration 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.
*The survey results are based on 1,004 telephone interviews conducted among adults aged 18 or older nationally from May 19 - 22, 2011 in cooperation with GfK Roper OmniTel.
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