1 in 2 teens don’t want to cut financial ties to parents, survey finds
A new survey finds that gaining financial independence from their parents is a goal of just half of all teens.
Junior Achievement, nonprofit that promotes financial literacy, surveyed about 1,000 teens to learn more about their knowledge of money management. The survey found that 70 percent of teens get most of their information about money from their parents, while about 30 percent look to social media sites.
The fact that just 1 in 2 teens are interested in cutting ties with their parents is "new" to the organization, said Jack Kosakowski, president and CEO of Junior Achievement USA.
"For parents out there, that should mean these kids are ready to move back in with you after they go to college," he said.
The study found that teen’s main financial concerns are how they’re going to pay for college, followed by finding a meaningful and well paying job.
“They’re thinking about money and they’re thinking about how to manage the money,” Kosakowski said. “And they’re looking for ways to get information to help them do that.”
Other goals that teens have include creating a savings plan, starting their own business, retiring by 65 and being able to travel internationally.
Since many parents are responsible for teaching their kids about financial literacy, Kosakowski suggests that parents should talk to their child about money starting as early as grade school.
Giving younger kids an allowance for doing chores around the house is one way Kosakowski says that children can learn about money. Parents can also teach their teens the importance of budgeting money by showing them how to save up for a car.
Additionally, a WalletHub study found that New Jersey is the 6th most financially literate state, while New Hampshire is number one. In New Jersey, taking a financial literacy class is a graduation requirement in public schools.
Also on New Jersey 101.5: