Teens and Financial Education Survey

 

A1        How often do you talk with your parents about spending, saving or investing money?

 

Once or twice a year

17%

Sometimes, at least once a month

39%

Often, at least once a week

32%

Or never

11%

DON’T KNOW

 1%

 

A2        Which of the following do you discuss with your parents?

 

Asking for spending money

52%

Saving

47%

Investing

21%

Balancing work and school

37%

OTHER (SPECIFY)

  1%

DON’T KNOW

  3%

 

 

A3        From which of the following sources do you get MOST of your money?

 

Neighborhood jobs, such as babysitting or raking leaves

17%

Part-time employment or summer job                             

45%

Allowance

26%

Gifts

10%

DON’T KNOW/NONE OF THESE     

  2%

                       

 

A4        What is the MAIN reason you work?

 

Spending money

55%

Savings

35%

To help support your family

3%

Repay debt

4%

OTHER (SPECIFY)

2%

DON’T KNOW

1%

 

A5        Which of the following BEST describes why you save money?

 

I regularly save money for specific items I want to purchase

36%

I have a savings account that I put money in, but am not saving for a particular item

27%

I am saving for college

22%

I invest money, such as college funds, stocks, bonds, CDs, etc

5%

I do not currently have any money in savings

10%

DON’T KNOW

1%

 

A6        Approximately what percentage of money that you earn or receive is put into savings?

 

50 percent of more 41%
About 25% 27%
10 percent or less 22%
Nothing 7%
DON'T KNOW 3%

A7        Which of the following do you have?

Checking Account 73%
Saving Account 19%
Saving Bonds 20%
Investments 16%
ATM 12%
Debit Card 8%
Certificates of Deposit 10%
Credit Card 8%
Stored-value card 4%
Car Load 3%
NONE OF THESE 13%
DON'T KNOW 1%

 

A8        If you plan to get your own credit card, when do you expect you'll get it?

 

As soon as you turn 18

26%

During your first year of college

21%

After your first year in college, but before you graduate

11%

When you get your first job out of school

10%

When you turn 21

8%

You don’t plan to get a credit card

16%

You use your parents’ credit card

3%

OTHER (SPECIFY)

3%

DON’T KNOW

2%

 

A9        If you plan to go to college, what’s the MAIN way you expect to pay for it? 

 

Student loans

10%

Parents will pay

24%

Will work through college

12%

Scholarships or grants

38%

Trust or college fund

3%

Personal savings

8%

OTHER (SPECIFY)

1%

DON’T PLAN TO GO TO COLLEGE

1%

DON’T KNOW

3%

 

 

A10      When attending college, about what percentage of college tuition do you think your parents or guardians will pay for?

 

20 percent

29%

50 percent

27%

75 percent

17%

100 percent

12%

None

12%

DON’T KNOW

3%

 

A11      How much do you expect to earn annually in your first job when you complete your schooling? 

 

Less than $20,000

12%

$20,000-$25,000

26%

$26,000-$29,000

14%

$30,000-$35,000

17%

$36,000-$40,000

8%

More than $40,000

13%

DON’T KNOW

10%

 

 

A12      Where would you say you have received the MOST information about money, credit and other financial matters? 

 

School

24%

Parents

63%

Books

3%

Internet

9%

OTHER (SPECIFY)

2%

DON’T KNOW

*

 

For the next several questions, please answer based on what you know about these topics, or give your best guess.

 

A13      How much do you think the average American family owes in credit card debt?  

 

Less than $1,000

7%

$1,000-$5,000

33%

$5,000-$10,000

31%

$10,000-$15,000

10%

$15,000-$20,000

7%

More than $20,000

7%

DON’T KNOW

3%

 

 

A14      Please answer true or false for each of the following statements. (Percentages are of respondents who correctly identified statement to be true or false.)

 

A credit card is an informal agreement to pay money owed

52%

Businesses must go through a screening process to make sure they are legitimate before they can put websites up on the Internet

55%

It is safer to pay for an online order by check or money order than by giving your credit card number

68%

You must always have enough money in your checking account to cover your checks or you may be penalized

86%

Student loans do not have to be paid back if you are unable to find a well-paying job after college

12%

It is illegal for banks to share your personal financial information with other affiliated companies

70%

DON’T KNOW/NONE OF THESE

2%

 

 

A15      Suppose you’ve saved $5,000 for your future.  Which of the following is the SAFEST place to put that money? 

 

Invest it in stocks

9%

Invest it in mutual funds

16%

Put it in an insured savings account

71%

Hide it under your mattress

4%

DON’T KNOW

1%

 

 

A16      If you are unable to pay your credit card debt, which of the following could happen?  

 

Possessions bought with the credit card and not yet repaid could be seized

12%

You could be forced into bankruptcy

15%

Your credit history could be damaged

17%

All of these (READ LAST)

82%

DON’T KNOW/NONE OF THESE

1%

 

A17      Historically, which of the following investments has had the HIGHEST rate of return?  

 

Stocks

34%

U.S. Treasury bonds

10%

U.S. Savings bonds

31%

Certificates of Deposit

12%

DON’T KNOW/NONE OF THESE

14%

 

 

A18      The amount of money left over after taxes have been deducted from your pay is called your . 

 

Net pay

40%

Gross pay

31%

Adjusted pay

18%

DON’T KNOW

11%

 

 

A19      The fees charged for having or using a debit card are set by the . . .