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In the USA, 34% of teenagers are unbanked (JA, 2019)

Aug. 13, 2019 Share Source
The statistic comes from the National Financial Awareness Day Survey, published by youth organization Junior Achievement USA (JA) in August 2019.

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.

Read more about the survey here

Download survey here

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Last Updated: Sept. 9, 2019

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