Study says teens + money = trouble
Teenagers aren't getting any better at managing finances, despite classes on investing and personal finance.
NEW YORK (CNNMoney.com) - Teenagers are notorious for being bad at managing money, and they're not getting any better at it.
High school seniors, on average, answered only 52.4 percent of the answers correctly on a financial survey. That was up from 52.3 percent when the survey was last conducted two years ago but down from 57.3 percent in 1997, the first year for the survey, according to the Jump$tart Coalition for Personal Financial Literacy.
"This indicates that, despite the attention now paid to the lack of financial literacy, the problem is not about to resolve itself any time soon," Lewis Mandell, Ph.D., professor of finance and managerial economics at SUNY Buffalo School of Management, who conducted the survey, said in a statement.
Only 14.2 percent of respondents said that stocks are likely to have higher average returns than savings bonds, savings accounts and checking accounts over the next 18 years. That was the lowest percentage in the survey's history, according to the paper.
Surprisingly, students who had taken a money management or personal finance class actually fared worse than those who did not.
Jump$tart surveyed 5,775 high school seniors in December and January. The survey included topics such as investing and managing personal finances.
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