MANSFIELD, Texas (4/24/12)--More than half of all North Texas teens and young adults say they have some form of relationship with a financial institution, in a survey conducted by Texas Trust CU. Seven out of 10 survey respondents have a checking account, and nearly the same number have a savings account. In about half the cases, these accounts are held in the youth's name.
More than 72% of the people surveyed say they use a debit card as their primary means of accessing their funds. Only 16% replied that they rely on their parents for money. Separately, 38% report they have their own credit card. Fifty-nine percent have no credit card, while only a small percentage use a credit card in their parents' name.
Most teens surveyed did not regularly balance their checkbooks. About 34% surveyed took the view that balancing your checkbook "doesn't matter as long as you don't overdraw or exceed your charge limit." About 33% replied that they reconcile once a month, and 3% balance their accounts once a year.
When it comes to learning about personal finances and budgeting, parents are a young person's primary teacher. About 74% of those surveyed said their parents taught them how to budget, while only 11% said they have no budget at all.
"This survey confirmed what we suspected, which is a high level of financial maturity among young people," said Amber Danford, Texas Trust vice president of marketing. "Young people are clearly more independent today and many are opening their own accounts without anyone co-signing for them. They also have access to a greater number of financial products and services geared to them, and exercise a fair amount of control over their own money, making it easier for them to participate in commerce."