Teens confidence over financial future drops

Monday, April 16, 2012 - 3:30pm

WACO -- Financial woes aren't exclusive to adults.

A new study shows 56 percent of teenagers do not believe they will be as financially stable as their parents.

Which is a 37 precent decrease from last year, where 89 percent believed they would be as stable as their parents.

Now, 23 percent of teenagers don't think they'll be off their parents ticket until they're 25 to 27 years old.

"I won't feel secure probably for at least 5, 6 years outside of school," Baylor junior Cameron Butcher said.

"Planning on going to medical school so unless I can get a really awesome scholarship, I might still be a little financially dependent on them," Baylor junior Katie Horton said.

"I'm not sure how long it would take just based on my income but I feel like, as soon as I get out of college, my parents, you know, it's kind of like, the ship takes sail," Baylor Freshman Brandon Hemphill said.

So what does that mean for parents?

"They're incurring or taking on more debt, but a lot of them also are having to pull money from retirement," Jim Smith said, with Education Credit Union in Waco.

If keeping your teen in the budget until they're nearly 30 doesn't sound appealing, here are some steps they should be taking now to ensure they're not.

"Getting them into a part time job, even if it's chores around the house that they're paid to do. Setting them up some sort of savings account, but with definite guidelines, definite restrictions in place as far as how that money is going to be saved and what it's going to be used for. And teach them the true value of a dollar," Smith said.

But for the students we spoke with, they're hopes are high for the future.

"In the long run, I do think I'll be making more than them," Butcher said.

"I think I would have a good level of stability," Horton said.

"I hope to be on the same level. it's just all about priorities and differentiating between wants and needs," Hemphill said.

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