Teenagers Are Very Concerned About The Financial Impact Of Covid-19

The Coronavirus pandemic has turned the financial world upside down both for businesses and for families. You may know someone who lost their job or had their hours cut, and they are supporting a family. There was a study done by Junior Achievement USA and Citizens Bank that shows teenagers are very interested in what is going on financially when it comes to the pandemic.

According to the press release:

“The survey of 1,000 U.S. teens, aged between 13 and 18 and not currently attending college, found that nearly three-quarters of teens (72%) say they have had a discussion with their parents or guardian about finances as a result of COVID-19. Almost a quarter (24%) of teenagers say their parents or caregivers have shared with them their concerns about paying bills while nearly one-in-seven (13%) say their parent or caregiver has lost their job due to COVID-19.”

Locally in Topeka, JA is reaching out to parents and caregivers to give them guidance as to how to talk to teens about the financial implications and how things will get better, that according to Ashley Charest, Junior Achievement of Kansas President. The organization has been going into schools to teach kids the basics of financing, but have now gone to an online process due to the closure of schools.

Here are some of the results of the survey:

“More than two-thirds (69%) of teens surveyed said that they were “somewhat” or “very concerned” about this impact. Most teens (72%) said that they had a discussion with their parents or guardians about finances related to COVID-19. On the topic of future plans, respondents were asked a variety of questions related to this topic. Nearly half of high school juniors and seniors (44%) say COVID-19 has impacted their plans to pay for college. Of those saying their plans have changed, most (58%) say that they are now more likely to take out a student loan to pay for college.
Beyond those just planning”

The most important thing about this survey is that kids are interested in getting things better for everyone. If you have questions on how to handle any situation, you can CLICK HERE to contact Junior Achievement of Kansas. They have been a great resource for schools and parents and will continue to be for many years to come.

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