Data gathered from the JA 2019 survey finds that 34% of American teenagers don't have bank accounts and rely predominantly on cash. Of those who receive allowances from parents or guardians, 80% receive it in cash.
Key findings include
- A quarter of teens (26%) who received money from parents or guardians said it was wired into their bank account, while nearly as many (23%) used their parent or caregiver's credit card for online purchases. Fewer (10%) used financial apps like Apple Pay or Venmo to receive money or purchase items.
- Despite the use of cash, nearly half of teens (48%) said they do use mobile or online apps to manage their money, such as for budgeting and planning purposes.
- Nearly one-in-five teens (17%) have never been in a physical bank and a third of teens (34%) don't have a bank account. Of those who do, the largest percentage (35%) got them at 12 years of age or younger.
- Of those with a bank account, most have a debit card (62%), while far fewer use a checkbook (18%).
- Most teens (71%) say they are concerned about their credit score, while nearly half (44%) are concerned about future student loan debt.