Dispelling Myths About Teens and Money

DISPELLING MYTHS ABOUT TEENS MONEY AND aIn My teens don't want me to lecture them about money. MYTH VS REALITY 49% talk to their parents about money/finances 710% report that they have learned how to save from the adults in their lives 68% PLAN TO talk to their parents about financial decisions in the next year I don't give my children money, because they wouldn't use it responsibly MYTH Vs PEALITY Teens with allowance and/or access to their parents' credit cards tend to have better attitudes and behaviors related to financial literacy and future planning. They also worry less about money. 80% state they will make a real effort to save money 1 74% think it is unlikely they will buy things when they can't afford them 69% plan to follow a budget and manage spending 68% believe they will save 10% or more of their money SAVE 10% A keep track of what they spend 54% Teens can't be bothered to open checking or savings accounts ΜΥΤΗ VS PEALITY A large majority of students plan to open a savings and/or checking account in the next year. 70% will open a CHECKING ACCOUNT in the next year 79% will open a SAVINGS ACCOUNT in the next year At their age, teens don't think about credit or credit scores MYTH VS REALITY ONLY 75% 64% 52% report that a good credit KNOW WHAT believe rating WILL A CREDIT FUTURE BE A SCORE IS EMPLOYERS PRIORITY for them when they're will check their credit score older It's too early to talk about money with teens. MYTH Vs PEALITY Few teens have direct experience with credit cards, but about half plan to apply for a credit card in the next year. only yet 25% 47% of parents allow of teens plan to students to use get their OWN credit their credit cards card in the next year My teens don't worry about money ΜΥΤΗ Vs REALITY Only a quarter of our sample report money issues at home affecting their schoolwork, but most of the sample does worry about money. Financial stress increases with age. 26% told us money issues at home affect their schoolwork 57% worry about money Given that most high school students are unlikely to So now what have great deal of experience making financial decisions, their knowledge and attitudes towards finances are likely shaped through several sources of socialization including family, friends, school, media, etc. Research suggests that parental socialization, whether it is intended or not, plays a large role in shaping attitudes toward financial responsibility in America's youth. If we hope for real behavior change then parents, educators, and policy-makers need to provide education and experience that fosters responsible attitudes towards finances. EverFi surveyed more than than 20,00O high school students from 45 different states on their attitudes and behaviors around money, including topics like credit, banking, borrowing, saving, and budgeting. EVERFI EverFi, Inc. is the leading education technology company to teach, assess, and certify students in critical skills. Our learning platforms have touched the lives of more then 5.5 million students across 5000 schools.