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A new survey shows that 80% of teenagers believe learning the basics of money management now will serve them in the future – yet 86% have never taken a personal finance class in school. Yet when it comes to talking to kids about the basics of money management, parents still aren’t hitting the mark, despite the fact that 35% of teens want to learn about money from their parents over any other option. According to the Capital One seventh annual back to school shopping survey, 52% of teens are eager to learn more about money management, yet less than a quarter of parents have discussed back-to-school budgeting with them – and only 22% have made a list of back-to-school items to purchase. While almost half of parents have discussed the difference between ‘needs’ vs. ‘wants’; about 36% have not discussed back to school finances at all with their teens. This year, 52% of parents expect to spend more than $125 on back to school essentials for their kids, while 27% plan to spend less than $100. Overall, the majority of parents say they will be spending the same amount as last year; however, 16% plan to spend more. Most plan to pay with cash (69%) and credit (33%). Fore more information visit: http://www.money-wise.org.
