For Junior Achievement of Lincoln, every month is really literacy month. But April is national Financial Literacy Month, and we take the opportunity to have even more conversations about the importance of financial literacy. According to a new study that we wanted to share with you, that topic is more important than ever.
The 2015 Junior Achievement Teens & Personal Finance Survey, presented by The Allstate Foundation, revealed that nearly half of teens (48 percent) think their parents will help pay for college. On the flipside, only 16 percent of parents (of teens) report that they plan to help pay.
The survey also found a gender bias in parents talking to teens about money management: 40 percent of teen girls say parents aren’t talking to them enough compared to 24 percent of teen boys. There is a clear need for more open dialogue among parents and teens, boys and girls, about general money management skills. Eighty-four percent of teens report looking to their parents for information on how to manage money, but more than a third (34 percent) of parents says their family’s approach to financial matters is to not discuss money with their children and “let kids be kids.” Now is the time to sit down and talk with teens about these important life skills and how they can achieve their goals, with or without parental help, in order to achieve a financially independent life.
Clearly, there is a gap that needs to be filled. Teens want to know how to be in control of their financial futures, but too many parents aren’t having that conversation. We want to help close that gap! Our mission is to make sure that every student is equipped with the information they need to get on a path to success!
For information on talking about money matters with teens, check out and download our Money Management Action Plan.