Teens show they’ve got saving grace
SAVVY teenagers worried about their financial futures are already tucking away large chunks of their hard-earned cash to set themselves up, a new report has revealed.
And about four in five kids are turning to their parents – regardless of whether they are good or bad money managers — for financial advice.
A new independent report into teenagers and their finances to be released by ING today found many high school aged children have a strong desire to be fiscally fit.
The report included 600 teenagers aged between 13 and 18 and 600 parents of teens living at home.
It found 71 per cent are thinking about how much cash they will need stashed away to be financially secure.
Foundation for Young Australians chief executive officer Alecia Rathbone said living through the Global Financial Crisis and the housing boom had made teens sit up and take notice about managing their finances.
“It’s really important that we make sure we are teaching students now and as young as possible,” she said.
“That should begin in primary school and take that through into high school.”
The housing boom has made many young Australians aware of the importance of being financially secure.
The Housing, Income and Labour Dynamics in Australia (HILDA) report released recently found many Australians still have a long way to go with financial literacy.
ING’s head of retail banking Melanie Evans said it was promising to see children had a strong desire to be financially independent.
“Australians teenagers understand the link between work and reward and going out and getting a job and earning money,’’ she said.
The report showed about three in four teens are saving half of what they earn each week. Only 5 per cent of those earning pocket money or an income said they did not save.
ING said it was rolling out youth savings accounts.
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