New National Survey Reveals Teens Are Not Financially Ready for Future

NEW YORK, June 27, 2024 (Newswire.com)
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Teens are ready to start enjoying their summer vacation, and that means that most parents will be footing the bill for their kids’ fun-filled activities. But before they reach for their wallets, parents might want to consider taking this opportunity to teach their teens about financial management. According to a new national survey[1], when it comes to understanding finances, teens need all the help they can get.

Data from the study conducted by global research company Wired Research and commissioned by Jazmarc Services, which reached more than 1,000 U.S. parents of teens ages 14-18, highlights that teens are anything but financially prepared to navigate their future. In fact, if they had to rate their teens’ financial preparedness, only 18% of parents think their teens are extremely prepared.

The new survey results are part of the inaugural 2024 Teen Financial Readiness Report, a deep dive into how financially prepared today’s teens really are. Key takeaways include:

• Parents believe their child’s financial know-how should start at home: 
  • 98% feel responsible for teaching their teens about managing their finances
  • 97% think one of the greatest gifts they can give their teens is the tools to make smart financial decisions
• Parents doubt their teens; financial preparedness: 
  • 7 in 10 (70%) aren’t extremely confident their teens understand personal finances
  • 2 in 3 (63%) aren’t completely convinced that as their teens get older they’ll make smart financial decisions
• Financial conversations aren’t a focal point:  A majority of parents have not had a conversation about:
  • Selecting insurance to protect their financial future (83%)
  • Investing money (67%)
  • Financially planning for unexpected life events (62%)

According to Danielle Sherman, founder and CEO of Wired Research, “This research comes at a time when states across the country are making personal finance coursework a critical part of high-school graduation requirements and our research validates why this is so important.”   

Joshua Marcus, founder of Jazmarc Services, agrees.  He says, “The research highlights just how financially underprepared teens are to enter adulthood. The data clearly underscores that there is still so much parents want to teach their teens so they will be ready to face whatever financial challenges come their way.” 

For more information about the research and to get a copy of the 2024 Teen Financial Readiness Report, visit Jazmarc Services at www.jazmarcllc.com where you can create an account and download it. Alternatively, reach out to Wired Research at info@wiredresearch.com.

[1] An online survey conducted by Wired Research in April 2024 among 1,024 U.S. parents of teens 

Source: Wired Research