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Teenagers feel unprepared to finance their futures

According to a survey of 1,000 children aged 13 to 18 conducted by Junior Achievement USA and Citizens Bank between February 18 and 24, 54 percent of teens are concerned about financing their futures. Teenagers are concerned that they will not be able to afford higher education. 

Almost 70% of the teens said rising higher education costs have impacted their post-graduation plans. 

“We see so many families who are completely unprepared to pay for college,” said Mindy Hager, vice president of student lending at Citizens Bank. “The discussions aren’t happening at home or in high school.”

More students than ever before will have access to education in the coming years. While nearly half of the states in the United States require personal finance education, even more are poised to pass legislation ensuring students’ access to such a class. 

According to Hager, parents can play an important role in easing teens’ financial and college concerns. 

Before any applications are submitted, parents and other guardians should talk to their teenagers about how to pay for higher education. This ensures that everyone in the family is on the same page before the teens start thinking about their next chapter.

More students than ever before will have access to education in the coming years. While nearly half of the states in the United States require personal finance education, even more are poised to pass legislation ensuring students’ access to such a class. 

Nonetheless, half of the teens polled said they intend to attend a four-year college after high school. 

According to the survey, 41 percent of students did not take any financial literacy classes in high school. 

This may contribute to the financial stress that teenagers experience when planning for their futures. Almost 40% said that understanding how student loans work would help alleviate their concerns. 

Furthermore, 38 percent said they’d like to learn more about how education relates to a future job and what lower-cost alternatives are available to them, according to the survey results.

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