Today’s teens are worried about more than just the latest antics of Justin Bieber or Johnny Manziel.
Eighty percent of teenagers ages 13 to 17 are concerned about finding a good job, and more than half fear they’ll be worse off financially than their parents, H&R Block reports in a new study.
“Today’s economic realities are bringing about real financial pressure and stress at a younger age,” H&R Block Chief Marketing Officer Kathy Collins said in a statement.
Although 57 percent of teens use their own money to make purchases, they often lack money management skills. Three-quarters of teens still cite their parents as their most important source of financial information, and more than 60 percent think Mom and Dad are good money-management role models.
More than three-quarters of those surveyed said they were worried about potential student loan debt, although a full 97 percent still plan on going to college.
The mounting cost of tuition has made college costs a primary determining factor in choosing a school for 42 percent of 17-year-olds. Other factors include a college’s prestige (21 percent) and its geography (16 percent).
Teenagers aren’t the only ones worried about college costs. A separate study this year by T. Rowe Price found that 28 percent of parents are so concerned with paying for college that they lose sleep at night.
That study also found that kids whose parents are saving for college and discuss it frequently with them are more likely to be confident that they’ll attend college.
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