Teens’ financial confidence decreases
May 22, 2012 • josh back, bear facts news writer
Filed under News
New survey results show teens’ financial confidence is dramatically falling from that of the previous years.
Fifty-six percent of teenagers ages 14 to 18 believe they will be as financially secure or more secure than their parents or guardians. This compares to 89 percent of teens last year, according to a survey by Allstate Insurance, and the Junior Achievement, a nonprofit organization which gives teens hands on experience in the workplace.
Teens also believe they will be financially dependent on their parents for a longer period of time. 18 percent of teens believe they will be independent at age 20. Last year, 44 percent of students said they would be independent at age 20, according to the survey. More teenagers think they will be financially independent at 25 to 27, 23 percent in 2012 to 12 percent last year.
“If a student is feeling uneasy about the future, the [college and career] counselors are available to help them,”Spires Jannette, college counselor, said. “We can help them find a field they would be comfortable in.”
The counselors can give students narrow down a field they would like to study in, and educate them on how to be financially fiscal.
“We give them interest surveys, and then we can contact people in the field they would be interested in.” Jannette said. “It’s really important for students to get references to their future.”
Hailey Keuhl, junior, said she is hesitant on her financial future and independence.
“I don’t like to think I will be asking my parents for help, but the economy does not look like it is going to ‘jump-back’ anytime soon,” Keuhl said. “It’s more or less this realization that [the economy is] coming back slowly.”