Parents Spend A Ton On Prom

Are you a parent sending your child off to prom this spring? Well, be prepared to shell out some serious dough.

Every year Visa does a survey to see how much the average cost is to go to prom. This year parents are spending about $1,100. This is about a 5% increase from last year.

Funny thing about the study is that everything seems a little backwards. So, families that don't make so much will actually spend about $100 more than a family that lives comfortably or better.

Single parents will also spend more than married parents will.

The survey said that parents usually cover about 60% of prom costs while the kids shell out the rest.

[Source: PRNewsWire]