Not even teens feel financially prepared, according to survey

Teenagers can add financial anxiety to the list of things they have to stress over.

Only 56% of 14- to 18-year-olds think that they will be as financially secure as, or better off than, their parents, down from 89% last year, according to a March survey of 1,059 American teenagers sponsored by Junior Achievement USA and the Allstate Foundation, and conducted by Knowledge Networks.

More teens responding to the study, “Teens and Personal Finance,” also envision being supported by their parents longer, with only 18% saying that they will be independent by 20, down from 44% in 2011. More alarmingly, the incidence of respondents who don’t think they will reach independence until 25 to 27 increased to 23%, from 12% in 2011. Of respondents to the 2012 survey, 44% expect it to take until 21 to 24.

The recession clearly has taken its toll on teens’ financial confidence and optimism over the past four years, said Stephanie Belle, a spokeswoman for Junior Achievement.

“For a young person, that’s a long time,” she said. “They may be feeling like this is the way it’s always going to be.”

Teenagers aren’t learning financial literacy from their parents, who are their primary sources of advice and have influence on their savings habits. Parents have been saving less because of the economic downturn, and teenagers are following their lead. Only 56% of the teens surveyed said they plan to save part of their income in 2012, down from 89% in 2011.

Schools also have cut down on the amount of money management guidance they give students. Just 24% of the teens surveyed said that they have received instruction on how to manage their money, down from 58% in 2011.