The Teens in the Survey

What Teens Want

Teens want lots of things -cell phones, iPods, Sidekicks, trendy clothes, fancy gel manicures.... Whatever is new, looks good and feels good! And, there is nothing wrong with that. There are so many good things in life for us to enjoy. Especially when we can afford them.

But, teens want something a lot more valuable than the "feel good" stuff - they want to know about money! And, they are looking for their parents and guardians to coach them on the subject.

According to the Charles Schwab 2007 Teens and Money Survey, "(56%) are concern-ed about their parents or guardians finanical well being." This response indicates that teens are aware of the financial stress that their parents or guaradians may experience. If there is concern about credit card debt, college or retirement savings or budgeting in the home - teens are aware that this is an issue.

The survey further concluded that teens are "motivated by their parents' behavior."

To piece it together through the eyes of a teen, if credit card debt is a source of stress in the home, they will be aware that the adults have this problem. Yet, if adults continue to prefer use of credit cards over cash.... so will teens!

As many parents / guardians are aware from firsthand experience, teens taking on adult financial behavior includes taking on debt. As many child psychologists have concluded, children will do what you do, not what you say!

Yet, in spite of any issues in the home, the teens surveyed are confident about their financial futures! More than half believe they will earn more than their parents, and 73% of those surveyed believe they will be making "plenty of money" when they move out of the house, projecting that they will be earning an income of about $145,000 a year.

It is no surprise that this optimism for the future surpasses practical financial experience, in teens. Most of them are getting money from gifts, or entry level jobs and enthusiasm for a good financial future is important. It will help to carry them through the challenges headed their way, as they become mature, financially independent adults. They have to believe in themselves to even want to try to "make it."

Self-admittedly, the teens in the survey were honest about their lack of financial savvy. A decrease in the areas of teen's self-knowledge in budgeting, saving and investing was reported (down from the teems in the 2006 survey). So, when it comes to money, teens are optimistic, but realize they still have something to learn!

Today's teens are living in a more financially sophisticated world than their parents did - most have credit cards, savings accounts, Paypal accounts and are shopping online, with little experience in making and handling cash.

It all boils down to what teens want. What teens really want - is to learn about money from you! The right way.

By Candi Sparks