The vast majority of American teenagers still rely on cash when receiving money from their parents or guardians and when making purchases, according to a recent survey.
However, the findings also show that financial technology is making inroads in young people’s lives, Junior Achievement USA and Alliance Data, which provides data-driven marketing and loyalty solutions, reported Monday.
The study’s release comes two days before National Financial Awareness Day.
Wakefield Research conducted the online survey in mid-July among 1,000 U.S. teenagers between the ages of 13 and 18.
Twenty-six percent of the teenage respondents who said they received money from parents or guardians reported that it was wired into their bank account. Twenty-three percent said they used their parent’s or caregiver’s credit card to make online purchases.
Only one in 10 used financial apps, such as Apple Pay or Venmo, to receive money or purchase items.