Survey: Teens Expect Financial Help From Parents Into Their 30s

Today’s 13-18 year olds want to be financially independent, have a well-paying job, and own their own home according to a new survey from Citizen Bank and Junior Achievement USA. But a third of respondents don’t believe they will be financially independent of their parents by the time they reach 30.

While the survey found that 74 percent of respondents believe they will own a car by the time they are 30, the numbers around other key financial milestones are lower, with 60 percent believing they will own a home, 44 percent believing they will begin saving for retirement and 43 percent believing they will have paid off student loans by that age.

Forty percent of female - and 34 of male respondents - said they probably will make less than $35,000 a year in their first full-time job.

“It’s clear that more has to be done to help prepare students for the future, whether it is through helping them navigate paying for college or educating them on how to manage their money by establishing savings and checking accounts,” said Brendan Coughlin, president of consumer deposits and lending at Citizens Bank.

With National College Decision Day arriving on May 1, this latest survey underscores teens’ top financial goals and concerns, and their general ambivalence toward achieving financial independence.

The survey of 1,000 US teens ages 13-18, who are not currently enrolled in college was conducted by Wakefield Research. A summary of the full survey can be found here.