According to a 2011 study conducted by Charles Schwab, the recession has had an impact on teen attitudes toward money. The majority of teens (93%) reported that their family was affected by the recession, and here’s how their attitudes toward money have changed as a result.
64% of teens say they are more grateful now for what they have.
56% have a greater appreciation for how hard their parents work.
39% appreciate their family more.
34% say their family now talks more about money management.
They’ve also learned a few financial lessons…
73% say it’s important to have enough emergency savings in case times get tough.
59% say it’s easy to get carried away and spend too much when times are good.
51% agree it’s important to understand the consequences of borrowing money.
49% believe it’s important to understand all costs and conditions before buying a house.
Only 4% agree with the statement “You might as well spend as much as you can today because you never know what tomorrow will bring.”
More teens plan to “follow their heart” than chase money when it comes to career plans.
65% say “how passionate I am about the work itself” will determine their career choice.
Only 15% say “how much I can earn” will determine their career choice.
These results are promising!
While the recession has been tough on many families, it looks as though this may be the silver lining: more financially responsible and informed teens who will hopefully carry these attitudes into adulthood.