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Survey: third of teens believe they won't be financially independent of parents by 30

Posted at 11:21 AM, Apr 04, 2019
and last updated 2019-04-04 11:23:32-04

BUFFALO, N.Y. (WKBW) — A third of teens say they believe they don't think they will be financially independent of their parents by the time they turn 30-years-old.

That's according to a survey from Junior Achievement and Citizens Bank. One-thousand teens between the ages of 13 and 18 took part in the survey.

“These survey findings show a disconcerting lack of confidence among teens when it comes to achieving financial goals,” said Laurie Mahoney, the president of Junior Achievement of Western New York.

On the flip side, 63-percent of teens believe they will be financially independent of their parents by the age of 30.

When it comes to financial goals, 62-percent of teens say finding a job is their biggest priority.

Other findings the survey found include:

  • Most teens (74-percent) believe they will own a car by the time they are 30, while 60-percent believe they will own a home.
  • Most teens (64-percent) turn to their parents or caregivers for financial advice, followed by family members (38-percent), friends (30-percent) and online resources, such as articles and social media (27-percent)
  • Most teens making money have some sort of bank account (61-percent), while the rest save their money unbanked, such as in a shoebox, piggybank or other method.
  • Among those currently in school, more female respondents (40-percent) than males (34-percent) believed they would make less than $35,000 in their first full-time job after high school.
  • More teens (22-percent) earned money in 2019 by working independently, compared to 2018 (16-percent). Most teens depend on gifts for spending money (64-percent), while many receive allowances for doing chores (32-percent).

The survey was conducted by Wakefield Research using an email invitation and an online survey. The teens surveyed are not enrolled in college.