April is Financial Literacy Month, and each year Junior Achievement conducts a survey of 1,000 teens to gain a better understanding of how they see their financial futures (JA has been doing this survey nearly 20 years). Financial literacy is one of the three areas JA programs focus on, the other two being work readiness and entrepreneurship. This year’s survey covers teens’ financial plans and concerns, as well as what they think about topical issues, such as Bitcoin. The survey was conducted in March by Wakefield Research with the support of AIG.
One of the first questions asked of survey respondents was to select their financial goals for the future.
Unsurprisingly most (75%) said “Graduating from college” was a goal. Other items included “Creating a savings plan” (50%), “Affording international travel” (37%), “Starting my own business” (30%) and “Retiring before age 65” (29%). Interestingly enough, only half (50%) of teens said one of their goals was to “Gain financial independence from parents.”
Millennials have sometimes been referred to as “the Boomerang Generation” because weak job prospects in years past and student loan debt resulted in young adults moving back in with their parents following college to help manage expenses. This survey didn’t delve too deeply into this subject, but one has to wonder if Generation Z sees this as a possibility for themselves after having older siblings and other family members struggle early on with finances.
To read the rest of the 2018 JA Teens & Personal Finance Summary, click here.