JA/Citizens 2023 Survey of High School Students
Reveals Their Career Aspirations; Economic and College Concerns;
and Overall Financial Preparedness
According to new research from Junior Achievement and Citizens,
more than three-fourths of teens (76%) agree that a two-year
degree or technical certification is enough to get a good job, and
only 41% of respondents agree that one must have a four-year degree
to have a good job.
The complete findings of the sixth annual JA Teens &
Personal Finance Survey indicate teens’ growing concerns about the
cost of a college education, introduce the impact of inflation, and
bring to life the challenges of preparing for college and competing
for the jobs of the future. Wakefield Research conducted the survey
of 1,000 teens between the ages of 13 and 18 between March 10th and
16th, 2023. The findings come during Financial Literacy Month, a
nationally recognized campaign that raises awareness of the need
for more financial literacy education.
57% of teens are confident they have the skills they need to
compete for jobs of the future and rank work they enjoy (33%) that
pays well (29%) at the top of the list of what’s important to their
career. The same percentage (57%) cite soft skills, such as
communication, networking, and time management, as skills that are
more important to their career. Forty-three percent say technical
skills are more important to their career. The types of careers
teens are interested in pursuing include healthcare (22%), digital
influencer (18%), trade/vocational work (10%), government (9%),
corporate office job (8%), and nonprofit work (4%). Forty
percent say they are considering a career as a social media
influencer. Overall, 61% would rather start their own business than
have a traditional job.
“Developing the workforce of the future is critical to meet the
accelerating needs of the economy, and crucial to this effort is
listening and understanding the needs and desires of younger
generations to ensure that we’re positioning them to thrive,” said
Beth Johnson, Chief Experience Officer and Head of ESG, Citizens.
“To that end, Citizens partners with organizations like Junior
Achievement to give young people the confidence and tools they need
to own their financial success and build brighter futures.”
These statistics correlate with students’ biggest concerns about
pursuing education after high school. The cost of post-high school
education is kids’ top concern (cited by 57% of respondents vs.
just 49% in 2022), followed by taking on student debt (50%),
uncertainty about career goals (36%), moving and living away from
home (33%), and not knowing if post high school education is worth
the time and money (24%).
Inflation (47%) tops the list of worries that are having a
major impact on teens’ futures after high school. Other
uncertainties reported by teens are the state of the economy (39%),
rising home prices (39%), greater awareness of mental health issues
(28%), government efforts to address student loan debt (23%), the
impacts of COVID on their education (23%), global tensions and
conflict (19%), and the shift to remote/hybrid work (17%).
A growing percentage of teens (70% in 2023 vs. 61% in 2022)
have financial concerns about pursuing additional education after
high school; and they revealed what might help alleviate those
concerns. Atop the list of supportive guidance reported by
teens is getting a better understanding of how loans work (49%),
followed by a better understanding of how their education ties to
jobs (45%), and understanding lower-cost alternatives (39%). Just
47% of teens currently feel prepared to pay for college or begin a
career. While 74% of teens have done some research on the cost of
higher education, 63% are interested in taking a class or
participating in a webinar about financial aid and paying for
college.
“College is the second largest investment many Americans will
make behind owning a home,” said Jack E. Kosakowski, President and
CEO of Junior Achievement USA. "While a four-year degree isn’t
right for everyone, and on-the-job training and certifications are
very valuable in many career fields, those who are interested in
pursuing a degree need information on how best to pay for higher
education, and even find ways to reduce costs. That's why Junior
Achievement works with partners like Citizens to provide this type
of information through our learning experiences for middle and high
school students."
Both Junior Achievement and Citizens have prioritized providing
teens with financial education and remain committed to supporting
underserved communities through technology, education, and digital
literacy initiatives to ensure that all have an opportunity to be
part of the workforce of the future. Citizens' commitment to
financial literacy has included partnering with Junior Achievement
to support the implementation of financial literacy programs in
communities where Citizens has a colleague presence. Citizens also
helped Junior Achievement enhance different implementation models,
such as virtual volunteering and remote learning, in response to
the COVID-19 pandemic.
More information and an executive summary of the survey are
available at this link.
Survey Methodology:
The Junior Achievement Fintech Survey was conducted by Wakefield
Research (www.wakefieldresearch.com) among 1,000 nationally
representative US Teens ages 13-18, between March 10th and March
16th, 2023, using an email invitation and an online survey. Data
was weighted to ensure a reliable and accurate representation of
U.S. teens ages 13-18.
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 Junior Achievement USA®
(JA)
Junior Achievement is the world's largest organization dedicated
to giving young people the knowledge and skills they need to own
their economic success, plan for their future, and make smart
academic and economic choices. JA programs are delivered by
corporate and community volunteers and provide relevant, hands-on
experiences that give students from kindergarten through high
school knowledge and skills in financial literacy, work readiness,
and entrepreneurship. Today, JA reaches more than 3.3 million
students per year in 102 markets across the United States as part
of 12.5 million students served by operations in more than 100
other countries worldwide. Junior Achievement USA is a member of JA
Worldwide. For more information, visit www.ja.org.
About Citizens Financial Group,
Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and
largest financial institutions, with $222.3 billion in assets as of
March 31, 2023. Headquartered in Providence, Rhode Island, Citizens
offers a broad range of retail and commercial banking products and
services to individuals, small businesses, middle-market companies,
large corporations and institutions. Citizens helps its customers
reach their potential by listening to them and by understanding
their needs in order to offer tailored advice, ideas and solutions.
In Consumer Banking, Citizens provides an integrated experience
that includes mobile and online banking, a full-service customer
contact center and the convenience of approximately 3,400 ATMs and
approximately 1,100 branches in 14 states and the District of
Columbia. Consumer Banking products and services include a full
range of banking, lending, savings, wealth management and small
business offerings. In Commercial Banking, Citizens offers a broad
complement of financial products and solutions, including lending
and leasing, deposit and treasury management services, foreign
exchange, interest rate and commodity risk management solutions, as
well as loan syndication, corporate finance, merger and
acquisition, and debt and equity capital markets capabilities. More
information is available at www.citizensbank.com or visit us on
Twitter, LinkedIn or Facebook.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005155/en/
Citizens Contact: Eric Donovan (781) 375-0039
eric.donovan@citizensbank.com
Junior Achievement Contact: Ed Grocholski (719) 540-6165
ed.grocholski@ja.org
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