78 percent teens are currently stressed out about money while 65 percent of teens believe their future happiness will be based on how much money they make. Additionally, 74 percent of teens see their family’s economic situation as a barrier to accomplishing their own future goals.
New research by Junior Achievement USA and Citizens shows that money worries are a big concern for America’s young people. A survey of 1,000 teens between 13 and 18 by Wakefield Research shows that 78 percent are currently stressed out about money while 65 percent of teens believe their future happiness will be based on how much money they make. Additionally, 74 percent of teens see their family’s economic situation as a barrier to accomplishing their own future goals.
While financial challenges are nothing new, the impact of stress on teens from years of pandemic-related financial strain and inflation is apparent:
- 50 percent of teens have been stressed about their parents’ or caregivers’ ability to pay bills over the past year.
- 37 percent of teens say that their parents or caregivers are working more hours and 21 percent report that their parents have cried or been upset over the ability to pay bills.
- 30 percent of teens are stressed about not being able to afford a post-high school education and 24 percent of teens are worried about losing their home due to their family’s precarious financial situation.
- 32 percent of teens are concerned, 24 percent are scared, 18 percent are sad, and 13 percent are mad about how money impacts their lives.
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Although teens reported high levels of stress and concern about money, the research also shows teens feel like they have some control over their financial futures and want to learn more about how to manage money but not all have access to financial literacy programs at school:
- 80 percent agree that knowing more about how to manage money would positively impact their feelings about the role money plays in their life.
- 73 percent say they would likely take a course on money management if given the opportunity.
- 42 percent of teens report having taken classes in school on how to manage money.
“Stress can have a negative impact on physical and emotional health, and money worries can be a big cause of stress,” said Jack E. Kosakowski, President & CEO of Junior Achievement USA. “This research shows that many of the concerns adults have about managing money are being felt by the young people in their homes. Having a better understanding of how money works is one way to address the worries today’s young people have about their financial futures, which is why promoting financial literacy education is so important.”
“In order for students to feel confident about their financial futures, it’s critical to equip them with the skills and knowledge to make sound financial decisions,” said Chris Ebeling, Head of Student Lending, Citizens. “We work to deliver financial education and resources such as our free college planning platform to empower students and families to come up with a financial plan that eases stress and sets them up for their future.”
Building on their long-standing partnership, Citizens recently announced a $415,000 grant to Junior Achievement USA to support financial empowerment programs that give people the confidence and tools they need to budget, save, invest, and pursue their goals.  As part of the bank’s Citizens Helping Citizens Manage Money program, Citizens provides funding and volunteer support to help deliver financial education. In 2023, volunteers donated 3,363 hours to help deliver Junior Achievement programming in 28 cities.
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