Maria's Space: Well this is a little scary! We need to do more by our kids to help them navigate this world!
New Survey
by Junior Achievement and Citizens Bank Highlights Teens’
Top
Financial Goals and Concerns
COLORADO SPRINGS, CO and PROVIDENCE, RI – A new national survey by
Junior Achievement USA (JA) and Citizens Bank shows that more than 30 percent
of teens do not believe they will be financially independent of their parents
by the age of 30.
While the survey found that 74 percent of respondents believe they
will own a car by the time they are 30, the numbers around other key financial
milestones are much lower, with 60 percent believing they will own a home, 44
percent believing they will begin saving for retirement and 43 percent
believing they will have paid off student loans. The survey of 1,000 US teens
ages 13-18, who are not currently enrolled in college was conducted by
Wakefield Research. A summary of the full survey can be found here.
“These survey findings show a disconcerting lack of confidence
among teens when it comes to achieving financial goals,” said Jack Kosakowski,
President and CEO of Junior Achievement USA. “With a strong economy, you would
think teens would be more optimistic. It just demonstrates the importance of
working with young people to help them better understand financial concepts and
gain confidence in their ability to manage their financial futures.”
The survey also found that most teens’ top financial goal for the
future is getting a full-time job (62%). Other financial goals included
graduating from a 4-year college (59%), no longer having to rely on parents or
caregivers for money (53%) and saving enough money for a big trip or vacation
(41%). In terms of teen top financial concerns for the future, those included
paying for college (47%), not being able to afford to live on their own (45%),
paying taxes (43%) and finding a fulfilling, well-paying job (40%).
“It’s clear that more has to be done to help prepare students for
the future — whether it is through helping them navigate paying for college or
educating them on how to manage their money by establishing savings and
checking accounts,” said Brendan Coughlin, President of Consumer Deposits and
Lending at Citizens Bank. “We are helping to equip our young people with the
tools necessary so they can start on sound footing and make smart financial
decisions.”
Other findings include:
- Most teens (64%) turn to their parents or caregivers for
financial advice, followed by family members (38%), friends (30%) and
online resources, such as articles and social media (27%)
- Most teens making money have some sort of bank account
(61%), while the rest save their money unbanked, such as in a shoebox,
piggybank or other method.
- Among those currently in school, more female respondents
(40%) than males (34%) believed they would make less than $35,000 in their
first full-time job after high school.
- More teens (22%) earned money in 2019 by working
independently, compared to 2018 (16%). Most teens depend on gifts for
spending money (64%), while many receive allowances for doing chores
(32%).
Methodology
The JA Teens & Personal
Finance Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 1,000 nationally
representative U.S. teens ages 13-18, who are not currently enrolled in college
between, March 1st and March 8th, 2019, using an email invitation and an online
survey.
About Citizens Financial
Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $160.5 billion in assets as of December 31, 2018. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About
Junior Achievement USA® (JA)
Celebrating its
centennial in 2019, Junior Achievement is the world's largest organization
dedicated to giving young people the knowledge and skills they need to own
their economic success, plan for their future, and make smart academic and
economic choices. JA programs are delivered by corporate and community
volunteers, and provide relevant, hands-on experiences that give students from
kindergarten through high school knowledge and skills in financial literacy,
work readiness and entrepreneurship. Today, JA reaches more than 4.8 million
students per year in 107 markets across the United States, with an additional
5.2 million students served by operations in 100 other countries worldwide.
Junior Achievement USA is a member of JA Worldwide. Visit www.ja.org for more
information.
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