Survey reveals teens not confident about financial futures
Wednesday, April 11, 2012
A new national survey from Junior Achievement USA and the Allstate Foundation indicates a 40 percent drop in confidence among teenagers regarding their financial futures.
Only 56 percent of 14- to 18-year-olds said they think they will be as financially well-off or better than their parents, compared with the 89 percent who felt this way last year. In addition, less than half of the respondents said they felt they'd be independent by age 20 compared with a year ago when 44 percent felt this way.
"While it is disheartening to see a 37 percent decline in the number of teens who feel they will able to see the same financial success as their parents, it is encouraging to know that programs like Junior Achievement exist to provide teens with tools to propel their financial futures to great heights," said Donald Civgin, president and CEO, Allstate. "The Allstate Foundation has a long standing partnership with Junior Achievement to provide exactly these types of tools and empower teens with the knowledge they need to make informed decisions about their financial futures."
Although the economy has recently shown signs of improvement, a new report reveals that as a whole, the nation does not feel the economy is improving. The Consumer Reports Index showed consumer sentiment declined from 46.1 last month to 44.6 this month.
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