How the Recession Changed Young People’s Attitudes About Money

Everyone knows someone who grew up during the Great Depression, and as a result, eats green beans out of the can and sews up holes in socks.

The recently released Charles Schwab 2011 Teens & Money Survey (PDF) suggests that, in some small way, the recession may have instilled a similarly conscious attitude about money in young people who lived through (or are living through, as 80% of teens surveyed did not feel that the recession was over as of late February and early March of this year) The Great Recession. Some highlights from the data, which comes from an online survey of 1,132 American teens between the ages of 16-18:

“93% say their family was impacted by the recession (55% say ‘a little’ and 38% say ‘a lot’).”
“64% say they are more grateful now for what they have.”
“58% say they are less likely to ask for things they want.”
“73% say it’s important to have enough emergency savings in case times get tough.”
“77% describe themselves as “super savers,” and only 23% say they’re “big spenders.” Read more...