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Archive for Tuesday, January 7, 2003

Study: Not everybody understands the facts of moolah

January 7, 2003

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How do teens view money?

The Nuveen KidSense Money Survey polled 1,000 12- to 17-year-old boys and girls nationwide to learn more about their spending habits.

The interviews were conducted by Bruskin & Goldring Research.

Does this sound like you?

1.One out of two youths said they had never been taught the facts of money by their parents. A similar one in two said they received no training on the facts of money in school.

2. Thirty-three percent of kids surveyed still use a piggybank to save money. This includes 25 percent of the 15-17 age segment. Of those who save, 13 percent have no idea where their money goes once they spend it.

3. When asked what amount of money would cause them to stop and pick it up from the street, 58 percent said a dollar or more.

4. Less than 1 percent said they invested as a form of savings. When asked what the stock market is referred to when going up, 6 percent said a moose, 11 percent a bear and 12 percent a tiger. Forty-four percent didn't know. Only 26 percent said a bull, the correct answer.

5. Sixty percent don't get an allowance.

6 More boys save money. More girls spend it.

7. Two-thirds of those surveyed (65 percent) think they will be better off financially than their parents.

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