Survey of Personal Finances among Teens

In fact, even though optimism among teens is increasing, more of them say that they will remain financially dependent on their parents for a longer period of time. The percentage of teens who say they will be able to support themselves between ages 25-27 has doubled over the last two years, from 12 percent to 25 percent. However, the percentage of teens who feel they will be financially able to support themselves between the ages of 18 and 24 has fallen from 75 percent in 011 to 59 percent in 2013.

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Part of the reason teens expect to live with parents longer may be because they are unsure about their ability to budget, use credit cards or invest money, for example: 23 percent of teens are extremely unsure about their ability to budget successfully 20 percent of teens are extremely unsure about their ability to use credit cards 34 percent of teens are extremely unsure about their ability to invest money So for the conclusion of this survey: even though the optimism mongo teens is growing, they still need some more education and more possibilities for them to learn how to use their money properly.

Financial education needs to take place all the way from grade school through high school. Grade schools are doing It right already. They teach kids about money and how to shop and make change, which is age appropriate. After fifth grade, however, personal finance Is forgotten. Kids turn to algebra and geometry and never get back to money. That’s a problem. On The Wall

Street Journal site I found an article about someone who was working with 20 people who were high-school graduated, and how shocking It was how little they knew about basic finances. They had credit cards but no Idea how they worked. They didn’t know about savings accounts, bank accounts or fees. Many of them had a lot of credit-card debt, but they didn’t understand that making Just the minimum payment barely pays off the current charges. Many of them didn’t even recognize that they needed start avian right away.

So I think young people should have been more educated about these stuff and that, not Just schools, but parents should help them with that too. Place all the way from grade school through high school. Grade schools are doing it is age appropriate. After fifth grade, however, personal finance is forgotten. Kids turn who were high-school graduated, and how shocking it was how little they knew about basic finances. They had credit cards but no idea how they worked. They didn’t know