Ready the basement: Third of teens expect to still rely on parents at age 30, survey finds

More than a third of American teenagers think they could still be mooching off their parents when they turn 30, found a new survey by Citizens Bank and a Pittsburgh-based organization.

The bank and Junior Achievement of Western Pennsylvania enlisted Wakefield Research to survey 1,000 U.S. teens in March on a variety of financial goals, including salaries, home ownership and more.

Of the teens that participated, 63% believe they will be financially independent by the age of 30 — meaning 37% don’t believe they will be, researchers reported.

“These survey findings show a disconcerting lack of confidence among teens when it comes to achieving financial goals,” said Kimberly Cowden, spokeswoman for Junior Achievement of Western Pennsylvania. “With a strong economy, you would think teens would be more optimistic. It just demonstrates the importance of working with young people to help them better understand financial concepts and gain confidence in their ability to manage their financial futures.”

Here is a by-the-numbers look at teenagers’ top financial goals and concerns:

61%

Teens with jobs who have a bank account

47%

Say paying for college is their top financial concern

45%

Say not being able to live on their own is their top financial concern

59%

Say graduating from a four-year college is a top financial goal

53%

Say no longer having to rely on parents for money is a top goal

43%

Say they will have paid off student loans by age 30

60%

Say they will own a home by age 30

Source: Junior Achievement Teens & Personal Finance Survey, Wakefield Research