Only 43% of teens expect to need a mortgage loan, but 64% believe they will need life insurance, and 67% believe they will need a retirement savings account.[@@]
Researchers at FIND/SVP Inc., New York, a market research firm, have published those figures in a report on a recent survey of 300 U.S. residents ages 14 to 18.
Although many of the survey participants want retirement plans and life insurance and 88% said they are interested in saving money, only 31% said they expect to need a financial advisor, according to FIND/SVP.
About 36% of survey participants said they now are saving primarily to pay for their education.
Paying for an education was the most popular savings goal for 44% of the Asian survey participants, 38% of the white, non-Hispanic participants, 30% of the Hispanic participants and 29% of the African-American participants, according to FIND/SVP.