JA Teens & Retirement Insights - JA In The News | Junior Achievement of Dallas

JA is Really Newsworthy!

Local News Coverage Highlights

Thank you to these outlets for helping spread the good work JA Dallas is doing!

OffBeat Business Media: Seated2Serve Podcast - Interview with Jan Murfield

Toyota & The Dallas Morning News - JUNIOR ACHIEVEMENT AND TOYOTA ARE PREPARING NORTH TEXAS KIDS FOR SUCCESSFUL FINANCIAL FUTURES

RowlettLakeshoreTimes - Junior Achievement of Dallas receives national honor

The Scott Murray Show: Relationship Roundtable - Interview with Jan Murfield, Sabih Khan, and Jaylen Freeman (this link will trigger a download of the interview to your computer - look to the bottom of your browser for the file)

1080 KRLD News Radio - Interview with Bobby B. Lyle; Interview with John C. Goff; Interview with Mitch Hart

« Back

JA Teens & Retirement Insights

A new survey by Junior Achievement USA and AIG finds that nearly two-thirds (64 percent) of teens are concerned about their parents' preparedness for retirement while demonstrating a lack of education about their own. Sixty-nine percent of young adults ages 13-18 say they know little or nothing about financial planning.

When asked what they plan to do after they retire, teens cited traveling, hobbies such as golf or crafts, volunteering, and splurging on RVs or vacation homes as their top choices. More than a third (34%) of respondents think they will retire at age 60 or younger; however, one-third believe they will need less than $5,000 saved to retire and on average the teens plan to start saving for retirement at age 29.  

In addition, 46 percent of teens are not confident they know how to plan for retirement. But teens' lack of understanding about financial and retirement planning does not translate into a lack of understanding about the imperativeness of planning. Ninety-three percent say it is important to have a financial plan for retirement, and 92 percent find value in taking a personal finance class in high school.

When asked to identify descriptions and benefits of financial products such as 401ks, annuities, and social security, nearly half (49%) were able to correctly match 401ks, one-third (33%) were right about annuities, and less than two-third (61%) about Social Security.  Definitions, though, are just the start of any education process and help is needed in the application: While many could define an annuity, less than one-quarter (21%) of teens identified annuities as a protected source of lifetime income compared to bank deposits, stocks and mutual funds—none of which can provide protected income that cannot be outlived. And only about half (51%) were somewhat confident that Social Security will still exist when it's time for them to retire.  

To gain the knowledge they need for information about investing for retirement, teens say they would first go to their parents, closely followed by a financial advisor or banker, other family member, teacher, or friend.

Methodological Notes:

The JA/AIG Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 1,000 nationally representative U.S. teens, ages 13-18, who are not currently enrolled in college, between August 13 and August 20, 2018, using an email invitation and an online survey.  Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

About AIG

American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

 

Comments
Trackback URL:

No comments yet. Be the first.
  • "In 4th grade, I learned about being an entrepreneur. I now own my own vending machine company, which helped me earn money to help buy our family dog."

    -Mathews Elementary Student, Plano ISD
  • "I learned that companies are looking for candidates who show they are ready to work hard and have a solid résumé."

    -Kimball High School Student, Dallas ISD
  • "When the business people come in and work with our students, it gives students a real life application and how it relates to their future."

    -Townley Elementary Principal, Irving ISD
  • "Starting with elementary school Junior Achievement I remember it being one of the best parts of the year. I got to have someone new come in and share about their life and how my future could be successful too!"

    -Alum & Volunteer
  • "That experience impacted the trajectory of my career. Today, I owned a 13 year old marketing consulting and coaching firm. Thank you JA for exposing me to my destiny."

    -Alum
  • "We not only make their lives better, but we potentially enrich all of our own lives."

    -Donor

Get Involved!

Junior Achievement
of Dallas

Donate Now    Volunteer    Request a
Program