Teens and Money Survey

Schwab conducts an annual Teens and Money Survey, which captures teen perceptions about personal finance and money management. Among the latest findings:

• 79% agree that money matters are different for them as a teen today compared to when their parents/guardians were teenagers.

• 89% say they want to learn how to make their money grow.
• Two-thirds (65%) believe learning about money is “interesting.”
• 60% say that learning about money management is one of their top priorities.
• Teens say they are motivated to learn about money matters such as budgeting, saving and investing “to pay their bills” (88%); “to stay out of debt” (88%); and “to not have to rely on others for money (85%)."

• Two-thirds (64%) of teens report that they would rather learn the basics of money management through experience instead of in a classroom.
• Only one in three teens (30%) believe that their parents/guardians are concerned with making sure they are learning the basics of smart money management.
• Only 14% of teens report that they are involved in the process of paying household bills or helping to manage the household finances.
• While nine in ten teens (87%) report that their parents/guardians talk to them about money; almost a quarter of teens (22%) believe it is disrespectful for them to ask their parents or guardians about their finances.
• Few teens have learned how to use a credit card responsibly (24%) or the importance of participating in a 401(k) plan (11%) from their parents.
• Only a third of teens (34%) understand why their parents/guardians make the financial decisions they do.
• Despite overwhelming interest (89%) in learning how to make their money grow, only one in five (20%) report that “my parents/guardians have taught me how to invest money wisely to make it grow.”
• Last year almost half (46%) of teens reported that their parents or guardians talked to them about money weekly or more. That’s down 18% this year to 39%.