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2011 Teens & Money Survey Findings

2011 Teens & Money Survey Findings

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Published by Derek E. Baird
Charles Schwab 2011 Teens & Money Survey Findings | Insights Into Money Attitudes, Behaviors and expectations of 16-18 year olds.
Charles Schwab 2011 Teens & Money Survey Findings | Insights Into Money Attitudes, Behaviors and expectations of 16-18 year olds.

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Categories:Types, Research
Published by: Derek E. Baird on Nov 14, 2011
Copyright:Attribution Non-commercial

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07/10/2013

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2011TEENS & MONEY SURVEY FINDINGS
INSIGHTS INTO MONEY ATTITUDES, BEHAVIORS AND EXPECTATIONS OF 16- TO 18-YEAR-OLDS
 
 THE IMPACT OF THE RECESSION
 THE VAST MAJORITY OF AMERICAN TEENS SAY THEY WERE AFFECTED BY THE RECESSION TEENS REPORT A SIGNIFICANT SHIFT IN MINDSET 
THEY ARE MORE GRATEFUL NOW FOR WHAT THEY HAVE.
64%
THEY ARE LESS LIKELY TO ASK FOR THINGS THEY WANT.
58%
THEY HAVE A GREATER APPRECIATION FOR HOW HARDTHEIR PARENTS WORK.
56%
THEY APPRECIATE THEIR FAMILY MORE.
39%
THEY SAY THEIR FAMILY NOW TALKS MOREABOUT MONEY MANAGEMENT.
34%
HELPING OTHERS LEARN HOW TO USE MONEY WISELY IS HOW TEENS THINK THEY CAN BEST HELP THE ECONOMY 
HOWEVER, JUST 18% SAY THEY’VE ACTUALLY LEARNED ABOUTMONEY MANAGEMENT FROM THEIR FRIENDS.
 TEENS REPORT THEY HAVE LEARNED CORE LESSONS AS A RESULT OF THE RECESSION
2011 TEENS & MONEY SURVEY, © CHARLES SCHWAB & CO., INC., ALL RIGHTS RESERVED. MEMBER SIPC. (0511-3647)
18%46%
CLOSE TO HALF (46%) FEEL THAT SHARING THEIR KNOWLEDGE AND HELPINGOTHERS LEARN HOW TO USE MONEY WISELY IS HOW THEY CAN HELP THE U.S.ECONOMY MOST.TEENS ARE MORE LIKELY TO BE MONEY LEADERSTHAN FOLLOWERS AMONG THEIR PEERS.93% SAY THEIR FAMILY WASIMPACTED BY THE RECESSION
55%
“A LITTLE”
38%
“A LOT”
7%
“NOT AT ALL”THEY SAY THEIR PARENTS HAVETALKED TO THEM ABOUT THEIRFAMILY'S FINANCIAL SITUATION INTHE PAST YEAR
75%
“YES”
25%
 “NO”OF TEENS BELIEVETHE RECESSIONIS NOT OVER
80%
BELIEVE IT WILLCONTINUE BEYONDTHIS YEAR
45%
 YOU MIGHT AS WELL SPEND AS MUCH AS YOU CAN TODAY BECAUSE YOU NEVER KNOW WHAT TOMORROW WILL BRING.
4%
IT’S IMPORTANT TO HAVE ENOUGH EMERGENCY SAVINGSIN CASE TIMES GET TOUGH.
73%
IT’S EASY TO GET CARRIED AWAY AND SPEND TOO MUCHWHEN TIMES ARE GOOD.
59%
IT’S IMPORTANT TO UNDERSTAND THE CONSEQUENCESOF BORROWING MONEY.
51%
IT’S IMPORTANT TO UNDERSTAND ALL COSTS AND CONDITIONSBEFORE BUYING A HOUSE.
49%
 
MONEY BELIEFS AND EXPECTATIONS
 TEENS SAY THEIR GENERATION'S MONEY ISSUES ARE DIFFERENT FROM THOSE OF THEIR PARENTS OR GRANDPARENTS WHAT WILL MOST DRIVE TEENS’ CHOICE OF CAREER
2011 TEENS & MONEY SURVEY, © CHARLES SCHWAB & CO., INC., ALL RIGHTS RESERVED. MEMBER SIPC. (0511-3647)
 TEEN EXPECTATIONS VS. REALITIES
$50,000$70,000$150,000$73,000
AVERAGEEXPECTEDSTARTINGSALARY AVERAGEEXPECTEDSALARY ONCEESTABLISHEDIN A CAREERAVERAGE OFWHAT TEENSBELIEVE IS THEIRFAMILIES’HOUSEHOLDINCOMEMEDIANHOUSEHOLDINCOME IN 2009AS REPORTED BY THE U.S. CENSUSBUREAU*
*www.census.gov
65%
“HOW PASSIONATEI AM ABOUT THEWORK ITSELF”
6%
UNSURE
11%
 “HOW MUCHGOOD I CAN DO FORPEOPLE”
3%
 “HOW EASY ITIS TO GET A JOB INA GIVENPROFESSION”
15%
“HOW MUCHI CAN EARN”COLLEGE IS MUCH MORE EXPENSIVE NOW.
79%
THERE IS MORE PRESSURE TO HAVE MORE THINGS, LIKE COMPUTERS,CELL PHONES AND CLOTHES.
68%
IT IS HARDER FOR ME TO GET A JOB.
57%
PEOPLE ARE MORE OBSESSED WITH MONEY THESE DAYS.
53%
THERE ARE MORE FINANCIAL CHOICES AND DECISIONS TO MAKE.
51%
THERE’S GREATER WILLINGNESS TO SPEND MONEY BY MY GENERATION.
46%
MY GENERATION HAS A GREATER ABILITY TO MAKE MONEY.
18%
BELIEVE THEY WILL DO
59%
 YET BETTER FINANCIALLY THAN THEIR PARENTS

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