According to the 2011 Teens and Money Survey released by Charles Schwab & Co, 9 out of 10 teens say they were ‘affected by the recession,’ causing major shifts in perspective that include a greater appreciation for what they have and an increased awareness of financial hardship.
The survey found that today’s teens see their generation as beset by consumerism, with the majority believed there is greater pressure to have more things, like computers, cell phones and clothes, and they feel that people are more obsessed with money than in previous generations.
While the recession’s long-term effects on teens are yet to be seen, the importance of saving is one of the most significant lessons that teens say they learned over the past few years. Seventy-seven percent of American teens today consider themselves “Super Savers,” as opposed to 23 percent who characterize themselves as “Big Spenders.”
One of the most alarming findings was the decline in self-reported knowledge among 18-year-olds. While nearly 74% of 18 year olds say their parents have taught them how to use a credit card responsibly, only 39% reported they’re “knowledgeable about how to manage a credit card” and only 32 percent say they know “how credit card interest and fees work.”
2011 Teens & Money Survey Findings
These findings seem to dovetail with the growing trend towards the return of financial literacy to the school curriculum. Recently Virginia, Utah, Missouri and Tennessee have passed laws mandating that high school students take financial literacy courses in order to recieve their high school diploma.
But as a recent article in USA Today noted, "students aren't the only ones with a steep learning curve. More than half of teachers say they feel unqualified to use their state's financial education standards, and few feel "very competent" lecturing a class on topics such as risk management and debt, according to a study by the University of Wisconsin-Madison."
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