While most Aussie teens are generally known to splash their cash on snazzy new tech toys, clothes and food, it’s been revealed they do actually have their financial future in mind.
According to new research released by financial services company ING today, 71% of teens aged between 13 and 18, are already considering how much they will need to be financially secure in the future.
The research, which investigates how teens are approaching financial independence, highlights that almost half (47%) are already saving for their long term future.
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Interestingly, three quarters of the teens surveyed admitted to putting away more than half of what they earn each week.
ING’s Head of Retail Banking, Melanie Evans, said the survey results suggest that today’s teens are “wise beyond their years when it comes to understanding the importance of financial security.”
“Many are putting away half of what they earn and they’re saving for their future and the things that really matter to them, like further education and home deposits,” she said.
Almost all (95%) of the teens who said they earn pocket money or an income said they save, while many (69%) also said it’s important to save in case something goes wrong.
More than half (55%) said saving will help their happiness in the future.
Parents seem to play an extremely important role, with ING’s research revealing that almost all teens (83%) seek advice about finance from their Mum and Dad, with the most common advice parents give to their teens about money “to save as much as you can from the moment you start earning” (67%).