While teens may be interested in pop stars, sports and the latest technology, they're pretty practical when it comes to finances. And they have a lot of influence when it comes to household buying decisions.
In addition, more than a third receive an allowance (35 percent), and the majority of those indicate that the allowance is tied to household chores or other family-oriented responsibilities.
These are some of the key findings of the latest installment of a poll conducted by the world's largest organization dedicated to educating young people about business, economics and free enterprise.
The poll also indicates that today's wage-earning teens remain skeptical about the future of Social Security. Over 48 percent doubt the program will be around in its current form when they reach age 65. That's up from 44 percent in the 2002 poll.
In addition, changing market conditions have had an impact on teen stock ownership. Only one in seven teens (just over 15 percent) say they own stock. That's down significantly from the 2001 poll when one in four teens (25 percent) said they owned stock.
The 2004 Junior Achievement Interprise Poll on Personal Finance was sponsored by The Allstate Foundation as a result of a $1.5 million grant to create educational programs to improve the financial literacy of today's youth. The program is expected to reach nearly one million students over its lifetime.