Charles Schwab Teens & Money 2007 Survey

If you are interested in how teens are learning about money and their feelings about money, the Charles Schwab Teens & Money 2007 Survey is worth reading.

Key Points I Took Away From Reading The Survey

  • Teens believe that they'll be earning an average salary of $145,500 PER YEAR!  WOW!  Talk about unrealistic!
  • 1 in 4 teens agree that "I am young, so saving money isn't that important."  Have they heard about compound interest?
  • Teens assert they don't like the way it feels to owe someone money, with 88% agreeing with this statement.  It does not get any better the older you get, either!
  • Most teens (51%) agree that it is easier to buy things with a credit card than cash.  Yes, but is it easier when you are paying it back with compound interest working AGAINST you?
  • One in four (25%) say they sometimes feel guilty for being a financial burden to their parents.  So sad!
  • More than half (56%) are concerned about their parents'/guardians' financial well-being.  With good reason!
  • 89% say they want to learn how to make money grow.  AWESOME!
  • Only one in three teens (30%) believe that their parent/guardians are concerned with making sure that they are learning the basics of money management.  This is why YOU need to teach your children!  Few others are going to teach them with their best interest at heart!

What facts stood out to you?

4 Responses to “Charles Schwab Teens & Money 2007 Survey”

  1. Jon Smock April 20, 2007 at 7:53 am #

    That teens feel guilty for being a financial burden, and that teens are concerned about their parents’/guardians’ financial well-being – those two facts stood out to me as especially sad. I feel very motivated to teach my children (someday) about stewardship especially in the area of money.

    I know times get tough, but I hope my children never feel like they’re a burden to me. And, I hope that as time progresses, I will have managed my money enough and have shown them enough that they don’t worry about our family’s security. Honestly, I’m 22, and I still worry about my parents’ finances.

  2. Paul Moyer April 20, 2007 at 10:03 am #

    I thought that it was interesting that a good percentage of the students realized that savings was important, but that only a small portion of those (7%) were actually saving for an emergency. This should be the first focus when teaching kids.

    Noah may have been the first person in history to worry about a rainy day, but he shouldn’t be the last.

  3. Rich Brott May 1, 2007 at 10:25 pm #

    As parents, it’s our job to teach our kids how to think about money and how to handle their finances. For most of his life, my son has lived on no more than 25-30% of what he earns. Now at age 16, he has accumulated several hundred in his “first car” fund, several hundred in his “first house” fund and well over $10,000 in his college fund.

    Proverbs 22:6
    “Train up a child in the way he should go: and when he is old, he will not depart from it.” KJV

  4. RealityComesQuick June 2, 2007 at 12:53 am #

    We are all very optimistic about where we will be when we’re kids. I wonder when asked what they want to be when they grow up, how many answered a Millionaire. Reality catches up soon enough, however at least “89% say they want to learn how to make money grow”.

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