WARWICK – The top financial goal for the future for more than 60% of teenagers simply is to get a full-time job, while more than one-third don’t expect to be financially independent from their parents by age 30, according to a new survey from Junior Achievement of Rhode Island and Citizens Bank.
The survey in March also found about 1 in 4 teens doesn’t expect to own a car before age 30. The survey covered 1,000 teens nationwide, ages 13-18, not enrolled in college at the time.
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“These survey findings show a disconcerting lack of confidence among teens when it comes to achieving financial goals,” said Lee Lewis, president of Junior Achievement of Rhode Island. “With a strong economy, you would think teens would be more optimistic. It just demonstrates the importance of working with young people to help them better understand financial concepts and gain confidence in their ability to manage their financial futures.”
Meanwhile, 40% of girls and 34% of boys believed they would make less than $35,000 a year in their first full-time job after high school. Results of the survey, performed by Wakefield Research, were released in conjunction with Financial Literacy Month in April.
Other results of the survey were not so pessimistic:
- 60% of teens expect to own a home by age 30 and 43% expect to have paid off their student loans by then.
- 59% of teens said their financial goals include graduating from a four-year college.
- 44% expect to start saving for retirement by age 30.
- Their top concerns for the future included paying for college (47%); not being able to afford to live on their own (45%); paying taxes (43%) and finding a fulfilling and well-paying job (40%).
“It’s clear that more has to be done to help prepare students for the future, whether it is through helping them navigate paying for college or educating them on how to manage their money by establishing savings and checking accounts,” said Barbara Cottam, Rhode Island market executive at Providence-based Citizens Bank. “We are helping to equip our young people with the tools necessary so they can start on sound footing and make smart financial decisions.”
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
