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Many teens worry they’re stuck with mom and dad, study shows

In a new poll, nearly half of U.S. teenagers fear they won’t be able to afford college or to leave the nest

Summary

More than half of American teenagers have their eyes set on a financial future of standing on their own two feet. But almost as many worry about how they’ll pay for that degree, or whether they’ll be able to afford moving out of their parents’ house.

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More than half of American teenagers have their eyes set on a financial future of standing on their own two feet with a full-time job and a four-year degree, according to a new survey.

But almost as many worry about how they’ll pay for that degree, or whether they’ll be able to afford moving out of their parents’ house.

Junior Achievement and Citizens Bank surveyed 1,000 U.S. teens on what financial goals they had in their sights, as well as what had them most concerned. Topping their aspirations was landing a full-time job, with 62 percent of teens identifying that as a personal money goal.

See related: Poll: 8 percent of U.S. parents have children with credit cards

Graduating with a four-year degree followed closely behind at 59 percent, while a little more than half (53 percent) said they had a goal to not rely on their parents financially. About one in four (41 percent) aimed to save enough money for a big trip, and a third (33 percent) had a financial budget in their plans.

But several of the same things they hope to achieve are causing them concern. Almost half (47 percent) reported they worry about paying for college, and 45 percent are concerned they won’t be able to afford moving out of mom and dad’s place.

Debt was also on their minds, with 34 percent saying they’re concerned about getting into credit card debt, and an equal proportion reporting they’re worried about having money available in an emergency.

Junior Achievement USA and Citizens Bank jointly commissioned Wakefield Research to conduct the online survey among 1,000 nationally representative U.S. teens ages 13-18 who are not currently enrolled in college. The survey was administered in early March 2019, with results released Apr. 3.

See related: Parents pass on their financial attitudes and beliefs about debt to children

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Published: April 18, 2019

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