At age 27, you might expect your child to be relatively self-sufficient. However, one in four teens say they will probably still be hitting up mom and dad for money when they are that old. That's one finding of the 2013 Teens and Personal Finance Poll released last week by Junior Achievement USA and The Allstate Foundation.
Budgeting and money management are concerns
The poll looked at the attitudes of teens between 14-18 years old and found 36 percent believe they will be better off financially than their parents. However, that confidence may come, in part, from an expectation that they will receive financial support from their parents well into adulthood.
While most teens say they should achieve financial independence between the ages of 18-24, others think they will need help longer. Of those surveyed, 25 percent say they won't be financially independent until between 25-27 years of age, and 4 percent think they will be older than 28. An optimistic 1 percent sees their financial independence occurring between the ages of 16-17.
It appears some teens may be feeling hesitant about the future because they lack basic money management skills. Of those polled, a significant percentage said they were somewhat or extremely unsure about their ability to do the following.
- Invest money: 34 percent
- Budget successfully: 23 percent
- Use credit cards: 20 percent