10/1/2013
One in three 14-to-23-year-olds (34%) say their top economic concern is jobs and unemployment, up from 26% who felt this way in 2012, according to TD Ameritrade. Teens and young adults are also more concerned about large student loan debts now than they were a year ago (46% vs. 39%).
Half follow a budget, with 27% following one carefully and another 26% using a basic plan. One in three (33%) have installed banking apps on their smartphones, and 8% have installed budgeting or savings apps.
More than four in 10 (44%) say the best way to save for retirement is in a savings account; 11% think investing in the stock market is the best retirement strategy. Teens and young adults are more concerned now than in 2012 that they won’t be able to rely on Social Security when they retire (39% vs. 31%).
Among those with credit cards, their average balance on their last statement before payment was $485. Four in 10 (41%) don’t pay their balance in full every month, and 31% only pay their balance off in full periodically.
Teens Optimistic About Their Futures
More than eight in 10 teens (83%) are confident they will have their “dream” job, according to ING and Junior Achievement.
Even with a majority believing they will land their ideal jobs, teens are less sure of their career plans after graduation in 2013 than they were in 2012. Those that planned to enter science, engineering, math, medical, or dental fields dropped from 61% in 2012 to 46% in 2013. Likewise, those interested in becoming musicians, actors, or writers dropped from 23% to 14% year-over-year.
Meanwhile, 53% admit they haven’t taken any steps to pay for the schooling required for these careers or were unsure what they needed to do to achieve their dream position. Three in 10 (31%) haven’t taken any steps simply because they haven’t thought about doing so.
Nearly two in three teens (63%) say they use their summer vacation to pursue learning and earning opportunities.
SOURCES: ING, Phil Margolis, U.S., One Orange Way, Windsor, CT 06095; 860-580-2676; phil.margolis@us.ing.com; www.ing.us.
Junior Achievement, Stephanie Bell, Director Marketing, One Education Way, Colorado Springs, CO 80906; 719-540-6171; sbell@ja.org; www.ja.org.
TD Ameritrade, Christina Goethe, 1 Plaza Four A, Jersey City, NJ 07311; 201-369-8541; christina.goethe@tdameritrade.com; www.tdameritrade.com.
© 2013 Business Valuation Resources, LLC (BVR). May not be reproduced without written consent of publisher.