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Teens and Money

TEENS & MONEY by B billmyparents TEENS & FINANCES How teens feel about their financial savvy? L 00 55% Know how to budget 58% Know what a credit score is 51% Know how credit card fees work Teens know they have a lot to learn about money Teens are learning about money and responsible spending by using... 28% Checking accounts 57% Savings accounts 31% Debit cards Less than 1 in 5 think they are very well prepared financially 25% Allowances Credit Cards BillMyParents helps teens learn about money: Teens with the BillMyParents SpendSmart MasterCard® say they know more about money than their peers 82% of BillMyParents SpendSmart"MasterCard® card holders report learning more about money and financial topics this year How teens get their money Gifts from From my parents Earned or from friends/family a job 46.8% once per week Average allowance given to teens 64% 62% 23.4% $58 45.7% 44.6% 55.5% 75% twice per month General teens per month Teens with the BillMyParents SpendSmart MasterCard® are 35% more likely to have a job as an income source BillMy Parents Teen Card holders 29.7% once per month TED STATES OAN How much money teens get as gifts from friends and a SATES OPAMERIC TES STATES OPAMERICA STes ATES0AMERICA LIBERTY LIBERTY family last LEBERUY ARTER DOL year RTER DO RTER DOLL (not including allowances or for Ts STATES OPAMERIC doing chores/paid work) LIBERTY 18% 19% 29% 20% 9% $500+ $0-50 $51-100 $101-250 $251-500 PARENTS ON TEEN FINANCES What parents think their teens know about money 55% Know how to budget 35% Know what a credit score is 32% Know how credit card fees work The age parents start giving their teens an allowance Under 13 Are allowances tied to chores, grades or personal behavior? 24.4% Depending on completion of chores 7.3% Depending on grades or other measurable accomplishments 13-14 58.5% All of the above 15-16 9.8% Not depending on grades or other measurable accomplishments 68.3% 22% 9.8% Amount of money parents report their teens spend per week $1-25 68.8% $26-50 23.6% $51-100 6.6% $100+ .9% Teens are going to spend. Help them learn to spend responsibly. Responsible teen spending happens one purchase at a time. ©2012 BillMyParents", Inc. All Rights Reserved. The BillMyParents MasterCard Prepaid Card is issued by University Bank, pursuant to a license by MasterCard International Incorporated. MasterCard and the MasterCard brand mark are registered trademarks of MasterCard International Incorporated. All trademarks, logos, and service marks (collectively the "Trademarks") displayed are registered and/or unregistered Trademarks of their respective owners. Survey Methodolog: The 2011 BillMyParents Teens & Money was conducted in three waves in November 2011. The parent responses were collected using a panel of 106 randomly selected U.S.-based parents of teens and 303 parents of BillMyParents teen card holders on November 28-29, 2011. Parent respondents came from parents in 41 U.S. States. The teen survey responses were collected from 1,593 teens aged 13-19 on November 24-29, 2011. 121 T of teens surveyed were existing BillMyParents card holders. Teen respondents came from all 50 U.S. States.

Teens and Money

shared by billmyparents on Feb 21
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How teens feel about their understanding of personal finances and how their parents teaching them responsible spending habits.

Publisher

billmyparents

Category

Economy
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