A new survey from Visa Inc. found that the average American family with teenagers plans to spend $1,078 for each child on prom.
That's a 33.6% increase over the $807 spent last year.
The survey also found families in the lowest income bracket, those earning less than $20,000 a year plan to spend even more...$1200 per child.
That's more than 6% of their annual income.
