For many high schoolers, prom night is the most enchanted evening of the year. But that fairy tale does come with a cost.
According to a survey released this month by Visa Inc., families are tightening their wallets when it comes to prom spending. The average American household will spend $978 on prom attire, accessories and activities related to the dance, down 14 percent from $1,139 in 2013.
The decline comes after three years of steady increases in prom spending. The survey also showed that families out West will spend the most on prom -- $1,125 on average -- when compared to those who live in other parts of the country. Parents who are younger than 40 years old also spend less to help their children prep for the prom than those who are older.
Other Visa survey statistics:
- Parents who earn less than $50,000 will typically spend less on prom than the national average
- Parents will cover about 56 percent of prom costs on average, with students paying for the rest
- Canadian households tend to spend about 25 percent less on prom than Americans
- Men will spend more than double what women will on prom (about $1,357 compared to $673)
The survey is based on information collected from 4,000 telephone interviews. For prom money saving tips, visit the website for Visa's Practical Money Skills for Life education program at www.practicalmoneyskills.com.
And don't forget!
For prom prep tips for guys (social graces, what to wear, etc.), check out the PG's Guys' Guide to Prom.
(Photo: Getty Images/Fuse)