Money Worries Weigh on America’s Teens, Education is the Key Path to Financial Wellness

MILWAUKEE, WISCONSIN –New research by Junior Achievement USA and Citizens shows that money worries are a big concern for America’s young people. A survey of 1,000 teens between 13 and 18 by Wakefield Research shows that 78 percent are currently stressed out about money. Additionally, 74 percent of teens see their family’s economic situation as a barrier to accomplishing their own future goals. One in three teens are stressed about not being able to afford a post-high school education and 24 percent are worried about losing their home due to their family’s precarious financial situation.

Although teens reported high levels of stress and concern about money, the research also shows teens feel they can have some control over their financial futures and want to learn more about how to manage money. 80 percent of teens agree that knowing more about how to manage money would positively impact their feelings about the role money plays in their life. 73 percent say they would likely take a course on money management if given the opportunity.

These findings come on the heels of a new Wisconsin Act 60 that requires high school students to complete a one-half credit of personal financial literacy education before they can graduate. Wisconsin Act 60 takes effect with those graduating in 2028 (this fall’s freshmen).

“This research shows that many of the concerns adults have about managing money are being felt by the young people in their homes,” said Julie Granger, Junior Achievement of Wisconsin President. “Having a better understanding of how money works is one way to address the worries today’s young people have about their financial futures, which is why promoting financial literacy education is so important. Junior Achievement provides over 60 age-appropriate learning experiences that teach some form of financial literacy. This allows students to receive lessons that can start in kindergarten and build through the high school graduation and beyond.”

Financial literacy is one of the key pillars of Junior Achievement’s learning experiences. Junior Achievement’s approach gives students the tools to increase their chances of achieving economic security as adults. Research results from Ipsos shows that 82 percent of JA Alumni agree they have a strong financial footing. 68 percent of JA Alumni between the ages of 18 and 29 say they are financially independent of their parents. According to the Pew Research Center, only 30 percent of Americans in that age range say the same. The average age JA Alumni report paying off student loans is 30.

Survey Methodology:

The Junior Achievement and Citizens Financial Wellness Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 1,000 nationally representative US Teens ages 13-18, between February 27th and March 4th, 2024, using an email invitation and an online survey. Data was weighted to ensure a reliable and accurate representation of U.S. teens ages 13-18. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

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