How Long Do Kids Feel They Will Need Their Parents Financially?

When kids get in their teen years most parents start dreaming of they day they’ll be out of the house and on their own, but it seems most teens don’t see that happening all that fast. In fact, a new survey by Junior Achievement and Citizens Bank finds that over 30% of teens don’t expect to be financially independent of their parents by the time they reach 30. That’s right – 30!

Overall, not having to rely on their parents or caregivers for money is the top financial goal of 53% of teens, although getting a full-time job is their biggest goal (62%), followed by graduating from a four-year college (59%). As for their biggest financial worries, paying for college is their biggest fear (47%), followed by not being able to live on their own (45%), paying taxes (43%) and finding a fulfilling, well-paying job (40%).

But it’s not all bad news.The poll finds that by the age of 30, 74% of teens believe they will own their own car, while 60% think they will own their own home. What’s more, 44% think they’ll start saving for retirement, and another 43% say they will have their college loans paid off. 
Source:Junior Achievement

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