A new national survey by Junior Achievement USA 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 U.S. teens ages 13 to 18 who are not currently enrolled in college was conducted by Wakefield Research.
“These survey findings show a disconcerting lack of confidence among teens when it comes to achieving financial goals,” Jack Kosakowski, president and CEO of Junior Achievement USA, said in a statement. “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 percent). Other financial goals included graduating from a four-year college (59 percent), no longer having to rely on parents or caregivers for money (53 percent) and saving enough money for a big trip or vacation (41 percent).
In terms of teen top financial concerns for the future, those included paying for college (47 percent), not being able to afford to live on their own (45 percent), paying taxes (43 percent) and finding a fulfilling, well-paying job (40 percent).
“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,” Brendan Coughlin, president of consumer deposits and lending at Citizens Bank, said in a statement. “We are helping to equip our young people with the tools necessary so they can start on sound footing and make smart financial decisions.”
