Financial Literacy for Everyone

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Prom Spending

As Americans continue to find ways to cut personal expenses, one area where they are not willing to make financial sacrifices is prom spending. A new survey released by Visa shows that consumers will spend an average of $1,139 this year on prom, a 5% increase over last year. To help teens and parents combat ballooning prom costs, Visa has introduced Plan'it Prom, the definitive prom planning tool. Plan'it Prom empowers students and parents to plan, budget and cut costs by incorporating a prom count down, timeline, and budget health meter into a layout that is fun and easy to use.

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The survey results are based on 2,033 telephone interviews conducted nationally from July 16-19 and August 6-9, 2015, in cooperation with ORC International’s Omnibus Service “Telephone Caravan." View research.