Answer: A recent survey found that 87% of teens consider saving money to be a priority while 42% currently have savings. 

Questions:

• How would you answer the question? Is saving money a priority for you? 
• Why do you think there is the large difference between the number of teens that consider saving a priority and the number that have savings? 
• If a friend asked for tips about saving money, what would you tell them? 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (TheStreet.com): 

Nearly nine in 10 (87%) of teens consider saving money to be a priority, according to a study conducted by Step. And three in four teens responding to the survey have already set financial goals for 2022.

How are teens going about that?

According to the survey, 63% of teens said they get the majority of their financial advice from their parents. However, only 42% of teens have any savings, and the vast majority (85%) rely mostly on cash for both saving and spending. Data collected by Piper Sandler shows that 35% of teens do not have a traditional bank account, which can make saving even more difficult.

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What resources does NGPF have on saving money? Check out the search results here. 

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.