More than half of all the teens and young adults surveyed say they have some form of relationship with a financial institution. Seven out of 10 survey respondents have a checking account, and nearly the same have a savings account. In about half the cases, these accounts are held in the youth's name.
More than 72 percent of the people surveyed say they use a debit card as their primary means of accessing their funds. Only 16 percent replied that they rely on mom and dad to dole out money to them as needed. Separately, 38 percent report they have their own credit card. Fifty-nine percent have no credit card, while only a small percentage use a credit card in their parents' name.
One troubling aspect of the survey results is the high percentage of young people who don't "balance the checkbook" or otherwise reconcile their accounts. Thirty-four percent of those surveyed took the view that "it doesn't matter as long as you don't overdraw or exceed your charge limit." Thirty-percent replied that they reconcile once a month, and three percent balance once a year.
When it comes to learning about personal finances and budgeting, parents are a young person's primary teacher. Seventy-four percent of those surveyed said their parents taught them how to budget, while only 11 percent said they have no budget at all.
"This survey confirmed what we suspected, which is a high level of financial maturity among young people," said
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|Source:||Business Wire, Inc.|