Nearly Half of Teens Use Budgeting Apps to Manage Money

Nearly Half of Teens Use Budgeting Apps to Manage Money

August 12, 2019         Written By Bill Hardekopf

Today’s teens are growing up in a card-driven, mobile-first financial world. Prepaid cards have replaced piggy banks, and 17% of teens have a credit card before adulthood.

According to a new survey from Wakefield Research, 48% of teenagers use a mobile app for budgeting or financial planning. This may include an online banking app or a designated budget app, such as Mint.

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Despite the increase in teen credit card usage, 80% of teens say cash is the primary form of money they receive from their parents. Twenty-six percent of teens say their parents have wired money to their bank accounts, and 23% say they have used their parent’s credit card to make an online purchase. Less than 10% have received money through Venmo or other peer-to-peer apps.

Surprisingly, 17% of teens have never been inside a physical bank location. Yet, 66% of respondents said they have a bank account, and one-third of those teens got the account before they turned 12. Among teens with a bank account, 62% have a debit card in their name.

Nearly three-quarters (71%) of teens are worried about their future credit scores. Most high schools do not have a curriculum that adequately prepares teens to manage adult finances. Parents can help prepare their teens for good credit by educating them about debt, savings, and other money management skills.

The information contained within this article was accurate as of August 12, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.