Source: A Junior Achievement (sponsored by the Allstate Foundation) voluntary pole of 1,512 teens administered in October and November of 2006. Since respondents were not randomly selected, they are not a scientific cross section of American teens. For example, while 13% of the U.S. population is black, 22% of those surveyed in one pole was black www.ja.org
Do They Discuss Money With Their Parents?
"Nearly three-quarters (73.7 percent) of teens indicated that they have regular family discussions about money."
"The most popular topic in these discussions was the importance of saving (80.2 percent) followed—somewhat ironically in the case of those teens that skip credit card payments—by the importance of paying bills on time (55.3 percent)."
Of the 73.7 percent who discuss money with their family, less than half (49.4%) discuss making a budget, 42.5% discuss the wise use of credit and the long-term dangers of credit abuse, and only 40.3% discuss how to invest.
Source: A Junior Achievement (sponsored by the Allstate Foundation) voluntary pole of 1,512 teens administered in October and November of 2006. Since respondents were not randomly selected, they are not a scientific cross section of American teens. For example, while 13% of the U.S. population is black, 22% of those surveyed in one pole was black www.ja.org
Do parental discussions make a difference?
Source: A Junior Achievement (sponsored by the Allstate Foundation) voluntary pole of 1,512 teens administered in October and November of 2006. Since respondents were not randomly selected, they are not a scientific cross section of American teens. For example, while 13% of the U.S. population is black, 22% of those surveyed in one pole was black www.ja.org
Do they save?
73.1% have a savings account. Nearly 1/3 save more than half of their monthly income. 15.6% save at least 75%. (Many are saving toward college.) 11.2% aren't saving at all.
Source: A Junior Achievement (sponsored by the Allstate Foundation) voluntary pole of 1,512 teens administered in October and November of 2006. Since respondents were not randomly selected, they are not a scientific cross section of American teens. For example, while 13% of the U.S. population is black, 22% of those surveyed in one pole was black www.ja.org
Do they volunteer?
-
77.5% donated time, money, or both to the community.
-
Females (82.6%) were more likely to contribute than males (71.1%)
Source: A Junior Achievement (sponsored by the Allstate Foundation) voluntary pole of 1,512 teens administered in October and November of 2006. Since respondents were not randomly selected, they are not a scientific cross section of American teens. For example, while 13% of the U.S. population is black, 22% of those surveyed in one pole was black www.ja.org
Do they work?
49% hold jobs during the school year, and more as they age (65.1% of 17-year-olds and 77.4% of 18 and 19-year-olds.)
Source: A Junior Achievement (sponsored by the Allstate Foundation) voluntary pole of 1,512 teens administered in October and November of 2006. Since respondents were not randomly selected, they are not a scientific cross section of American teens. www.ja.org
How do they find jobs?
-
"More than half (52.3%) of all teens who had summer jobs in 2006, used information from friends or neighbors as their primary job search tool."
-
"Newspapers (10.8%) and resources at school (8.5%) followed a distant second and third respectively."
Source: Summer Jobs 2007 poll of 818 students by Junior Achievement www.ja.org .
Why do they work summer jobs?
Extra spending money - 29.5%
Save for college - 28.9%
Gain work experience - 23.9%
To pay for a car - 9.5%
Help support family - 8.2%
Source: Summer Jobs 2007 poll of 818 students by Junior Achievement www.ja.org .
What do they learn from summer jobs?
Only 4% said they learned nothing. Others reported learning responsibility (38.2%), leadership (23.4%), teamwork (18.2%), the importance of college (11.8%).
Source: Summer Jobs 2007 poll of 818 students by Junior Achievement www.ja.org .
Do they receive an allowance?
Most don't. Only 42% receive an allowance. Of those who receive an allowance, 79.9% reported working for it. More younger teens (52.7% of ages 13-14) receive allowances than than older teens (28.3% of ages 18-19). One third of all teens receive $10 or less in allowance. 13.8% receive more than $40 per week.
Source: A Junior Achievement (sponsored by the Allstate Foundation) voluntary pole of 1,512 teens administered in October and November of 2006. Since respondents were not randomly selected, they are not a scientific cross section of American teens. For example, while 13% of the U.S. population is black, 22% of those surveyed in one pole was black www.ja.org
How is Financial Literacy Taught in Schools?
"Thirty seven states have personal financial education standards, yet only 21 require that those standards be implemented. Additionally, only nine states actually require that personal financial education courses be offered to students."
Source: Study released in March 2005 by the National Council on Economic Education (NCEE), found at www.ja.org .
How Can I Motivate My Students?
How can we motivate students to manage their money wisely? A Gallup youth survey found students responding best to teachers who "have plenty of latitude to be highly creative, to build strong relationships, and to tailor the learning process to the needs of each individual student." (In Teens' Own Words: Which Teachers Motivate You?, by Steve Crabtree, June 1, 2004, on www.galluppole.com ).
The Relationship Between Formal Education and Earnings (Source = U.S. Census at http://www.census.gov/prod/2005pubs/p70-98.pdf from 2001)
| The consumer price index measures inflation by estimating the general level of prices of. energy, food and beverages, housing, apparel, transportation, medical care, and entertainment. It is compiled monthly by the Bureau of Labor Statistics. In an inflationary environment, consumers are paying more for the same amount of goods and services. |
-
"Thirty-four percent of the adult population (18 and over) had degrees or certificates above the high school level in 2001."
-
Sixteen percent have bachelor's degrees. (undergraduate, four-year program)
-
Seven percent have associate's degrees (two-year program of study)
-
Sixteen percent have less than a high school diploma.
-
Average monthly earnings of full-time workers with a professional degree = approximately $8,000.
-
Average monthly earnings of full-time workers who did not complete high school = $2,000 per month.
-
Average monthly earnings for those who went to college but didn't complete a degree (most of whom attended for a year or less) increased earnings by $500 per month.
-
A high school diploma increased earnings by $600 per month over those who never completed high school.
-
"The earnings of people with a vocational certificate were not statistically different from the earnings of people with an associates degree."
-
"The earnings of people with a professional degree were not statistically different from those with a doctorate." (A professional degree is typically termed a masters degree and is earned after a bachelor's degree. A doctorate is earned after a masters degree.)
Our Recommendation: Concerning education, go as far as you can, as fast as you can, without incurring too much debt. Exception to "as fast as you can": although co-oping (alternating studying a quarter with working a quarter in your field of study) may drag out your education, the experience and enhanced ability to get a job after graduation will likely be well worth the extra time. (Research stats on the value of co-oping)
Next Stats: Continue with other J.A. Studies.
