Question of The Day: How Are Teens Spending Their Money?

I bet you could get students engaged by talking about how they are spending their money.  I had a similar post about teen spending habits earlier this fall based on University of Michigan research.  Might be interesting to ask students a question, have them write down their answer and then show them the chart with the results from this Piper Jaffray report on Taking Stock With Teens (data gleaned from approximately 7,200 teens with average age of 16).

Here are six questions with accompanying charts (thanks to Business Insider for gleaning these highlights):

1.  How much are parent’s contributing when it comes to teen spending?  70% of spending money from Upper Income parents and 66% for Average Income.

teen survey

2.  What are top 3 categories for teen spend?   Clothing (21%), Food (20%), Personal Care (10%).

Teen spending

3.  What are top 3 clothing brands?  Nike (22%), American Eagle (8%), Forever 21 (7%).

teen survey

4.  How have spending trends changed over the past ten years?  Spending less on clothing, more on food.

Teen survey

5.  What are their favorite websites to shop on?  Amazon at 32% is 4X more popular than the nearest competitor (Nike at 8%).

Teen survey

6. What are the most popular social networks?  Instagram, Twitter and Facebook in that order.

teen survey

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Check out Next Gen Personal Finance’s unit on Budgeting, which teaches students about budgeting through an engaging post-college simulation.

One thought on “Question of The Day: How Are Teens Spending Their Money?

  1. Pingback: Chart: What Are the Hottest Restaurant Concepts? | Next Gen Personal Finance (formerly CFCI)

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