When the participants were asked about personal finance and budgeting, they were reluctant to cut expenses: Only 10 percent said they would be able to cut out their cell phones to save money, while only 9 percent said they would cut the internet, and only 6 percent would go without insurance.
However, 75 percent said they would be willing to cut back on entertainment such as streaming services.
The survey revealed that 72 percent of teens get their financial education from their parents or guardians, while family members and friends were consulted approximately one-third of the time. Thirty-three percent of the participants said they used online resources and social media for financial advice.
Only 18 percent consulted with their high school guidance counselor for financial advice and only 14 percent asked for assistance from a professional financial advisor.
Looking into the future, the survey asked the teens about how they saw bitcoin and cryptocurrencies influencing their financial future. About half of the teens (48 percent) said these currencies will have a role but won’t replace actual money. About one in five (17 percent) thinks crypto-coins are the future of money, while about the same percentage think it’s “all hype.” Nearly 20 percent hadn’t heard of bitcoin or cryptocurrencies before taking the survey.
“It’s apparent from these findings that today’s youth think a lot about their financial futures and are looking for ways to be better prepared to be successful at managing money,” said Laura Gallagher, the global head of corporate citizenship at AIG, in a statement. “One way AIG is helping on this front is by partnering with organizations like Junior Achievement to get young people the information they need to be more prepared and to feel more confident about their futures.”
Wakefield Research conducted the JA/AIG survey among 1,000 U.S. teens, ages 13-18, who are not currently enrolled in college, between March 9 and March 16, 2018, using an e-mail invitation and an online survey.