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The Teens and Financial Education survey was conducted for the National Consumers League by Opinion Research Corporation with support from the Bank of America Foundation. The survey was conducted by telephone among a random sample of 506 teens aged 14-18 between February 14 and 19, 2002 and sought to test teens’ knowledge of financial issues; examine their attitudes toward money, work, and savings; and assess how they plan to deal with credit cards and other loans.
Over half of teens (52 percent) wrongly believe that a credit card is an informal agreement to pay money owed. And where are they learning this? Sixty-three percent say they get most of their information about money, credit, and other financial matters from their parents.