Teens surveyed in the most recent Allstate Foundation and Junior Achievement Teens and Personal Finance Poll showed a dramatic shift in the way they view money and in their overall outlook for their financial future. This year’s study revealed that only 56 percent of 14 to 18 year old teens think they will be as financially well-off or better than their parents. That represents a 37 percent drop from 2011 when 89 percent felt that way.
We were able to see this shift because we had years of data to analyze and compare. By conducting this annual study with the same format and series of questions year after year, the Poll has been able to illuminate nearly a decade’s worth of trends in teen attitude and behavior toward money and finance.
“The value of our Teens and Personal Finance Poll is due in large part to the library of data we’ve built over the years that enables us to pinpoint trends and concerns for today’s teens,” stated Vicky Dinges, Allstate Vice President of Social Responsibility. “While it’s difficult to accept a 37-percent decline in the number of teens who feel they will able to see the same financial success as their parents; it is heartening to know Junior Achievement is stepping in to help teens build important financial literacy skills.”
Since 2005, Junior Achievement and The Allstate Foundation have partnered to help students take the valuable information learned about personal finance in the classroom and apply it in their lives after graduation. Our annual Poll is just one piece of the partnership. The Junior Achievement JA Economics for Success® program, created in partnership with The Allstate Foundation, has helped more than 1.2 million students set personal goals about money and make wise financial choices. The program also helps empower students to develop, plan and set goals to help protect them from unexpected financial pitfalls. Our partnership has lasted so long because we understand that in research and financial literacy programming, consistency pays.