A survey conducted by Weekly Reader Research and the American Institute of Certified Public Accountants (AICPA) showed that the American teenagers are keen on savings. The savings showed that teens between the age limit of 9 to 12 years earn a weekly stipend of $7.35, 53 percent have savings account, 43 percent have plans for savings and investment, 31 percent are provided with information on bills, budgets and the cost of education, 24 percent are forced to save, 56 percent are saving up for college and 18 percent are total spendthrifts. This survey was accompanied with budget program called as “Budget Buzz” by American Institute of Certified Public Accountants (AICPA) to educate the students on creating a budget, reap profits, and make gainful investments and much more.
Carl George, Chair of the AICPA’s National CPA Financial Literacy Commission says that
Financial literacy is not an end in itself, but a step-by-step process. It begins in childhood and continues throughout a person’s life all the way to retirement. Instilling the financial-literacy message in children is especially important, because they will carry it for the rest of their lives. The results of the survey are very encouraging, and we want to do our part to make sure all children develop and strengthen their financial-literacy skills.
