When It Comes to Finance, the Kids Are Not All Right: Survey

More than a third of American teenagers do not believe they will be financially independent of their parents by age 30, according to a survey released Wednesday by Junior Achievement USA and Citizens Bank.

The survey found that 74% of teenagers expected to own a car by the time they were 30, but that they had much lower expectations about achieving other key financial milestones. Sixty percent believed they would own a home, 44% that they would begin saving for retirement and 43% that they would have paid off student loans.

“These survey findings show a disconcerting lack of confidence among teens when it comes to achieving financial goals,” Jack Kosakowski, president and chief executive of Junior Achievement USA, said in a statement. “With a strong economy, you would think teens would be more optimistic.”

Wakefield Research conducted the online survey in early March among 1,000 nationally representative U.S. teenagers, 13 to 18 years old, who were not currently enrolled in college.

The survey identified teen respondents’ top financial goals for the future:

• Getting a full-time job — 62%
• Graduating from a four-year college — 59%
• No longer having to rely on parents or caregivers for money — 53%
• Saving enough money for a big trip or vacation — 41%

Teenagers’ main financial concerns for the future included paying for college, not being able to afford to live on their own, paying taxes and finding a fulfilling, well-paying job.

“It’s clear that more has to be done to help prepare students for the future — whether it is through helping them navigate paying for college or educating them on how to manage their money by establishing savings and checking accounts,” Brendan Coughlin, president of consumer deposits and lending at Citizens Bank, said in the statement.