What are teens thinking about when it comes to their finances?
A new survey shows 50% of teens are focusing on becoming financially independent of their parents as one of their future goals.
The 2018 Junior Achievement Teens and Personal Finance Survey, conducted by Junior Achievement USA and American International Group, Inc. shows what teens are thinking when it comes to their financial state.
One thousand teens from across the nation completed the questionnaire.
They ranged in age from 13-18 and are not currently enrolled in college.
Mary Pille, President of Junior Achievement of Central Illinois, says JA USA has done this national survey for the past 20 years.
This years results showed:
-75% of teens are aiming to graduate from college
-50% want to develop a savings plan
-37% want to be able to travel internationally
-30% want to start a a company
-29% want to retire before they hit age 65
Pille said, "I don't think enough people think about retirement because there are other pressing demands that are barriers to that. Let's say you get out of college and you have student loan debt. Number one priority should be to pay off student loan debt and get that behind you before you start saving for retirement."
But like always...concerns follow hopes and dreams.
Close to 55 percent of teens are uneasy about being able to pay for college.
"I think it's a positive thing that they're worried about how they're going to pay for that because if we start educating and getting kids up to speed on what that looks like when they're younger, chances are they're going to be able to find a way to make that happen," said Pille.
A few points lower comes finding a fulfilling and well-paying job.
-49% are concerned about not being able to afford their house
-42% are worried they don't have the skills to manage money
What came in last at 41 percent?
Not having savings for an emergency.
Girls who participated in the survey also tended to have higher levels of concern than boys.
Other survey results:
-95% of teens would value personal finance programs being taught in their schools
-Right now 72% of teens get financial guidance from their parents or guardians
-18% turn to a high school counselor for answers.