Who is Paying for College? Teens Think You Are!
The 2015 Junior Achievement Teens & Personal Finance Survey, presented by The Allstate Foundation, revealed that nearly half of teens (48 percent) think their parents will help pay for college. On the flipside, only 16 percent of parents (of teens) report that they plan to help pay.
The survey also unveiled a gender bias in parents talking to teens about money management: 40 percent of teen girls say parents aren’t talking to them enough compared to 24 percent of teen boys who feel the same. There is a clear need for more open dialogue among parents and teens, boys and girls, about general money management skills. Eighty-four percent of teens report looking to their parents for information on how to manage money, but more than a third (34 percent) of parents says their family’s approach to financial matters is to not discuss money with their children and “let kids be kids.” Now is the time to sit down and talk with teens about these important life skills and how they can achieve their goals, with or without parental help, in order to achieve a financially independent life.
To read more about the survey results and learn how you can start these conversations with teens, visit www.ja.org.