Author: Hannah Henry
Published: Tuesday, 18 Jun 2019
A new survey by Junior Achievement (JA) and Citizens Bank shows that 63 percent of teens believe they will be financially independent of their parents by the age of 30, meaning that more than a third of teens surveyed do not hold this belief. The survey is being released in conjunction with Financial Literacy Month, which is April.
The survey found that 74 percent believe they will own a car by the time they are 30, 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.
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%).
Other findings include:
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.