What Teens Really Think About Finance
By GalTime Teen Parenting Expert, Barbara Greenberg, PhD
As if you don't already have enough to talk to your teens about -here is one more topic. And, this one may be almost as tricky as talking about that dreaded subject -sex and when to do it and when not to do it. We're talking about MONEY, moola, cash.
In many ways, this mimics the tough conversations that are inherent in every marriage including sex, money, and kids. Yep, I can hear your collective sigh.
Teens go through a stage where they may act as if they know everything. While this certainly may not be true, they sure do have a lot of opinions on things. And, with an election year ahead of us this may be a wonderful thing. Perhaps some of them will have strong feelings on issues and will come out to vote.
Apparently, a recent study by Michael Staten, an economist at the University of Arizona, found that teens have lots of feelings and opinions about finance. Staten's research indicated that nearly 900 high school students from 18 high schools in 11 different states showed significant skepticism about financial institutions. Specifically here is what Staten found:
1. 60% of the teens polled believed that credit card companies seduce individuals into taking on more debt that they are able to realistically handle.
Related: 7 Jobs Your Kids Can Do For Money
2. 70% of the teens also believed that businesses try to entice young people into spending more money than they should.
3. 25% of the teens disagreed with the statement that the stock market cater to the greedy Wall Street bankers. This leaves 75% who may agree with this statement or have no clear opinion.
4. Only 17% of the teens polled disagreed with the belief that banks are interested in making money through hidden fees.
From this study it seems that our teens may becoming skeptical and cynical. This doesn't stop them from asking their parents for allowance increases and expensive technology now, does it?
Is there an irony here?
Your thoughts?
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