One-third of teens today don’t think they’ll be financially independent from their parents by age 30, according to a recent survey.
Most teens also don’t think they’ll hit major money milestones by then either, with just 44% saying they’ll be likely saving for retirement by 30, and 43% who think they’ll be done paying off student loans by that time, according to MarketWatch.
“These survey findings show a disconcerting lack of confidence among teens when it comes to achieving financial goals,” said Jack Kosakowski, president and CEO of Junior Achievement USA, which conducted the survey of 1,000 teens with Citizens Bank. “With a strong economy, you would think teens would be more optimistic.”
But the findings aren’t so surprising, MarketWatch reports, when you look at how little teens know about money. A number of surveys suggest teens lack financial know-how.
A recent eight question financial foundations quiz by the National Financial Educators Council found only about half of 10- to 14-year-olds and 56% of 15- to 18-year-olds could pass its test. Here’s a sample question:
Which loan term is best if you want to reduce the total amount you will repay over the life of the loan?
Find the entire quiz here to see how well you score.