ST. LOUIS (KMOX) – The dress, the shoes, the limo and the tickets—prom can be a costly high school dance.
However, a Visa survey shows the average family is spending 14 percent less, and teens are picking up a bigger share of the costs—now up to 44 percent.
And Nat Sillin, Visa’s head of U.S. Financial Education, says prom dresses are being donated and more teens are skipping retail.
“We’re seeing consignment shops set up prom sections so that are pre-owned clothing stores that have a whole section dedicated to prom,” he says.
The Visa survey of 1200 parents of prom-aged teens shows the average family is spending $978 this year, while families in the Midwest spend about $835.
He’s encouraging parents to take this opportunity to talk to their teens about creating budgets and sticking to them.
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