How Kids Think About Money
How are teenagers attitudes toward money shifting?
Last week the Charles Schwab corporation released a report on their Teens and Money Survey. In it they share some insights on kids changing perspectives as they live through a recession. Ninety percent claimed to have been affected by the recession, often because of personal financial hardship (or at least perceived hardship).
A few highlights of the survey of 1,000 16-18 year-olds:
- Two-thirds of teens (64%) are more grateful for what they have.
- The majority (58%) of teens say they are less likely to ask for things they want.
- The majority (56%) of teens have a greater appreciation for their parents hard work.
- More than a third (39%) of teens appreciate their families more.
- Seventy-Seven percent think of themselves as Super Savers.
- More than half (51%) of teens say it is important to understand the consequences of borrowing money.
- Compared to 2007, the percentage who claim to be knowledgeable about how to manage a credit card declined from 64% to 39%.
- Over three-quarters (77%) of teens say their parents are great role models for money management.
Overall the report suggests that older teenagers are acting less entitled (or at least viewing themselves that way) and showing more appreciation for their parents and their stuff.
What do you thinkbased on the kids you know, is this a realistic take on their attitudes toward money? What resonates with or rubs against your experience?
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