NEW YORK--(BUSINESS WIRE)--Teens are indeed saving, a newly released study finds, with nearly 80% percent of teens saving for one or more items, including cars, video games, clothes and college. Current, which offers a debit card and app that equips teens for financial success, conducted a survey to find out how teens are saving.
Data revealed:
- Teens are saving for big ticket items. 17 percent of teens are saving for their own cars, while 11 percent are actively saving for college. A mobile-first generation, 26 percent are saving for a new phone or electronic device.
- Teens are saving for the long-term: 59 percent of teens don’t expect to achieve their savings goal for a year or more.
- Teens are saving for more than one thing. 65 percent are saving for two or more things, often balancing short and long-term goals.
- Most teens are tracking their savings progress: 83 percent of teens are actively tracking their savings goals, mythbusting the idea that teens are impulsive with money.
- Teens are all about the hustle: Many teens are saving to start their own businesses, from apps to online magazines for LGBT teenagers.
- Teens often think through their purchases: Teens think critically about how to better save, with 25 percent noting that they should consider “want vs. need.”
“Contrary to expectations, this generation of teenagers is turning out to be more entrepreneurial, savings-conscious and fiscally savvy than past generations,” said Stuart Sopp, founder and Chief Executive Officer of Current. “Our technology is empowering teens to form good financial habits through hands-on learning, and this research shows that, when given the right tools, they are making smart decisions.”
The Current app has a Savings Goal feature that allows teens to set personalized goals and track their progress in real time. Among teens with active savings goals, 49 percent have set a savings goal of $2,500 or more, 6 percent have set a goal of $1,000 to $2,499, 14 percent have set a goal between $250 and $999, and 31 percent have set a goal of less than $250. To see what Current teens are saving for, check out the hashtag #currentgoal on Instagram.
In addition, teens using the app’s round-up savings feature are contributing $8 a month, or $100 a year to their savings by rounding-up every time they spend.
For this study, Current surveyed over 200 teens who had started using the company’s debit card and app within the last three months.
Current is redefining finance by connecting individuals, groups and brands with the future of money. Preparing teens for their financial futures through hands-on learning, the Current app and debit card allows teens to spend based on their preferences, check their balance and track their spending, earn money for chores and tasks, send and receive money from their friends, and donate to millions of charities, in addition to saving. Parents can use the app to automate transfers, track spending, set limits or blocks, reward for chores and add family members, so that any adult with a bank account can contribute.
About Current
Founded in 2016, Current empowers teenagers to connect their money with the people, brands and experiences they value. Current’s debit card and money management platform brings a new financial experience to teenagers, because the future of finance is social and digital. Current’s flexible, API-based platform adapts to the needs of each user, allowing parents to transfer money, automate allowances, set up and reward chores, put spending controls in place, and maintain visibility into their children’s spending with real-time alerts. For more information please visit www.current.com, and follow us on Twitter and Facebook.
