According to a Nickelodeon/ Yankelovich Youth Monitor survey, the average allowance for a 6-8 year old is $4.80 per week, a 9-11 year old is $7.00 per week, and a 12-17 year old is $16.60 a week. Lynne’s comment: “The amount of allowance is less important that the reason why you are giving your kids [...]
Spending on and by teenagers will reach $208.7 billion in 2011, up from $189.7 billion in 2006, according to Packaged Facts’ “The Teens Market in the US” report. The spending increase is expected despite an estimated 3% decline in the 12-to-17-year-old population by 2011.
Teen spending will grow 3.5% annually to $91.1 billion in 2011, from $79.7 billion in 2006. Family spending on teens during the same period will grow 7% to $117.6 billion in 2011, from $110 billion in 2006 according to Packaged Facts’ “The Teens Market in the US” report.
Americans owe some $826.5 billion in revolving credit, according to June 2010 figures from the Federal Reserve. (Most of revolving credit is credit-card debt.) Student loans outstanding today — both federal and private — total some $829.785 billion, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com.
A VISA survey found that 85% of parents said they want a course in personal finance to be a high school graduation requirement. In contrast, a Schwab survey of teens showed that 64% would rather learn through experience than in a classroom. Lynne’s comment: “Looks like our kids realize that money management requires experience outside [...]
Two of five respondents graded themselves C, D or F on the 2011 Financial Literacy Survey, conducted by Harris Interactive Inc. last month on behalf of the National Foundation for Credit Counseling. More than 25% of the 1,010 adult respondents reached by phone also reported that they are spending more than they were a year ago and more than half said that they don’t keep a budget or track their expenditures.
There are 294 ways to make change for a dollar using pennies, nickels, dimes, quarters, half dollars and dollar coins. www.usmint.gov
In the Jump$tart Coalition’s biennial survey, (last done in 2008) high school seniors correctly answered only 48.3 percent of the questions. This is a decrease in scores by the senior class of 2006, which correctly answered 52.4 percent of the questions.
According to a 2010 nation study by Gallup and Sallie Mae, parents rank saving for college almost as high of a priority as saving for retirement. Parents rank saving for college at 21 percent compared to 22 percent who rank saving for retirement as their top priority.
The average income tax refund is up nearly 10% from a year ago according to IRS Commissioner Douglas Shulman. Through March 12, the average tax refund was a record $3,036, up $266 from the same period a year earlier.