America’s teenagers are well aware of the financial challenges of their parents and caregivers in today’s economic environment and are keen to learn life lessons about managing money.
While some kids may only be focused on their allowance or if they have enough saved for Taylor Swift tickets, 78% of the 13-18-year-olds who participated in the Junior Achievement and Citizens Financial Wellness Survey say they are stressed out about money.
The cost-of-living challenges faced by American households has led half of respondents to be stressed over the past year about whether their parents or caregivers can pay bills. Almost four in ten have seen the adults in the house working longer hours and 21% have witnessed them upset about making ends meet.
But while experiencing money challenges may be painful, teens are keen to ensure that they gain the knowledge needed to navigate a lifelong financial journey, especially given that respondents said they were concerned (32%), scared (24%), sad (18%), or mad (13%) about how money impacts their lives.
The survey highlights an opportunity for advisors who engage with families to provide financial knowledge to teenagers – 80% believe that understanding more about managing money would positively impact how money impacts their lives and 73% would take a money management course if available. Just 4 in 10 have done so in school.
Financial literacy is not only needed by young Americans with a recent report revealing persistent inadequacy in financial understanding among Americans adults.
“Stress can have a negative impact on physical and emotional health, and money worries can be a big cause of stress,” said Jack E. Kosakowski, President & CEO of Junior Achievement USA. “This research shows that many of the concerns adults have about managing money are being felt by the young people in their homes. Having a better understanding of how money works is one way to address the worries today’s young people have about their financial futures, which is why promoting financial literacy education is so important.”
Citizens Financial Group has recently announced a $415,000 grant to Junior Achievement USA to support financial empowerment programs.
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