Teens spend average of $1,078 for prom

That's an amazing number, no?

According to a survey done by Visa, the average expenditure on prom in 2012 will $1,078.  That's up from $807 in 2011.

I guess it shouldn't come as a surprise, since the cost of EVERYTHING is going up.  Still, $1,000 on prom?  Really?

People who've examined the behaviors of Gen Y say that, because more and more adults are marrying at an older age, prom has replaced weddings and other formals as the "formal occasion" in the life of young adult.

The cost has continued increasing because of increased "peer pressure" to look great and create an impression.   Remember, we didn't have Facebook and social media where our pictures, dresses, tuxes and "look" were were compared to others side-by-side.

The most alarming thing I see?  That parents with the lowest income are planning to spend the most on prom.  People making $20,000 - $29,999 a year will spend more than $2,600 (twice the national average) on prom this year.

Yikes.  Seems like that money would be better used saving for a "rainy day," don't you think?

Read the full story on USATODAY.COM.