A survey of 1,000 U.S. teens ages 13-18 released this week by youth organization Junior Achievement USA and Citizens Bank found that:
- About 1 in 3 teens don’t believe they’ll be financially independent from their parents by age 30.
- 44% think they’ll be saving for retirement by 30.
- 43% think they’ll have paid off student loans by age 30.
In fact, a survey by the Federal Reserve Board found that young people (18-35) have less saved than in the past:
- In 1995, the median net worth of Americans age 18 to 35 was $18,800.
- In 2016, the median net worth of millennials (18-35) was $11,100.
The National Financial Educators Council (NFEC) has an 8-question financial quiz for young people. The Financial Foundation Test measures whether a young person, who’s leaving the family home to be on their own, possesses the knowledge to make entry level financial decisions, including: purchasing a car, renting a home, college affordability, credit cards, loan terms and associate payments.
To take the quiz, click here.
Warning: You’ll be asked for your name and email address. I gave them a fake name and fake email address. LOL
According to NFEC, of the 40,433 people who’d taken the test as of the writing of this post:
- About 58% passed; 42% failed.
- The overall average score was 67.74%.
- The average scores of various age groups are:
- 10-14 years of age: 56%
- 15-18 years of age: 62%
- 19-24 years of age: 70%
- 25-35 years of age: 76%
- 36-50 years of age: 78%
- 51+ years of age: 78%
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