Teenagers love cash, finds National Financial Awareness Day Survey (JA USA, 2019)
Aug 12, 2019
According to the JA survey, conducted between July 16 and July 23 this year, cash continues to play an irreplaceable role for US teenagers even in today's digital world.
Interestingly, the report does not paint a picture of technologically averse group, but rather, a tech-savvy majority refusing to be fooled by anti-cash campaigns and happy to take advantage of the benefits of all budgeting tools - from smartphone apps to power-free cash.
Key findings include
- A quarter of teens (26%) who received money from parents or guardians said it was wired into their bank account, while nearly as many (23%) used their parent or caregiver's credit card for online purchases. Fewer (10%) used financial apps like Apple Pay or Venmo to receive money or purchase items.
- Despite the use of cash, nearly half of teens (48%) said they do use mobile or online apps to manage their money, such as for budgeting and planning purposes.
- Nearly one-in-five teens (17%) have never been in a physical bank and a third of teens (34%) don't have a bank account. Of those who do, the largest percentage (35%) got them at 12 years of age or younger.
- Of those with a bank account, most have a debit card (62%), while far fewer use a checkbook (18%).
- Most teens (71%) say they are concerned about their credit score, while nearly half (44%) are concerned about future student loan debt.
"These survey results show that today's teens are very much aware of the need to effectively manage money and that for many, technology is being used as a tool to achieve that, even when teens are working with cash"
The survey was published on the Monday before National Financial Awareness Day (August 19th) and is being discussed throughout the week. It appears that teenagers are stepping over the cash versus cashless debate and, instead, are happily using both cash and non-cash payment forms to manage their finances. Well done, kids!
Excerpt from Junior Achievements US
Despite the use of cash, financial technology is having an impact on today's teens. As a global provider of consumer-centric marketing, loyalty and payments solutions, Alliance Data partnered with Junior Achievement to assess current priorities in financial education and literacy among U.S. teens.
Despite the use of cash, financial technology is having an impact on today's teens. As a global provider of consumer-centric marketing, loyalty and payments solutions, Alliance Data partnered with Junior Achievement to assess current priorities in financial education and literacy among U.S. teens.