Teens also report desire to drive positive social impact with
purchases, autonomy to spend as they please
According to a newly released Wells Fargo survey, both teens and
parents cite challenges and disagreements related to how teens
spend, with nearly 70% of teens reporting they should be able to
make purchases using their own money without restrictions, compared
to only 44% of parents. The survey, sponsored by Clear Access
Banking℠ – an account free1 for people 13 to 24 years old that only
allows customers to spend what they have – highlights one aspect of
an all too familiar family dynamic in which parents struggle: how
to balance imparting enough financial health guidance to keep kids
on track, while giving them the chance to spread their financial
wings and make their own spending mistakes.
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The survey, sponsored by Clear Access
Banking℠ – an account free for people 13 to 24 years old that only
allows customers to spend what they have – highlights one aspect of
an all too familiar family dynamic in which parents struggle: how
to balance imparting enough financial health guidance to keep kids
on track, while giving them the chance to spread their financial
wings and make their own spending mistakes. (Photo: Wells
Fargo)
“Movements like #FreeBritney have opened up the discussion
around financial freedom, with more than half (56%) of teens who
are aware of the pop culture moment saying it made them think more
about their own financial dependence on their parents,” said
Darlene Goins, head of Wells Fargo’s Banking Inclusion Initiative.
“Leveraging cultural topics like this one allows parents to discuss
with their children ways to foster a more positive, independent
relationship with money.”
Clear Access Banking is a checkless checking account designed
for consumers seeking help to manage their spending or who are new
to banking. The $5 monthly service fee is waived for primary
account owners 13 through 24 years old1, and customers can
conveniently track all of their spending from the Wells Fargo
Mobile® app.
Perceptions differ when it comes to allowance, but parents
wise to mind teens’ money habits
While about two-thirds of parents (62%) reported giving an
allowance to their teen, fewer than two in five (38%) teens
reported getting an allowance. Four out of five teens who get an
allowance (81%) say they are supposed to earn it through chores
(90% of parents agree); however, half (50%) report getting paid
even if they don’t do their chores.
“Ideally, parents should use allowance as an opportunity to show
their teen the importance of responsibility and taking their ‘job’
seriously,” added Goins. “The next best thing parents can do is
model good behavior and set up their teen with foundational tools,
including a starter bank account like Clear Access Banking. It only
allows customers to spend what they have in their account,
eliminates the prospect of overdraft fees2, and provides young
people guardrails as they learn the basics of personal finance
101.”
Nearly half (42%) of surveyed parents shared concern that their
teen does not yet understand the value of money, a worry
substantiated by responses from teens. Three out of four teens
(76%) reported buyer’s remorse for an expensive purchase, while
more than a third (37%) reported paying for something online or
in-app that they thought was going to be free and losing track of
how much money they have in their budget to spend (36%).
Teens and parents more willing to see purchases before texts,
parents raising altruistic adolescents
One thing parents and teens tend to agree on? If they had to
choose, most parents would rather see everything their teen spends
money on (61%) versus seeing all of their teen’s text messages
(39%). Echoing that sentiment, almost nine out of ten teens say the
prospect of parents seeing all their text messages (86%) is scarier
than having them see every one of their purchases. On the other
hand, nearly half of teens (46%) admit they have purchased things
behind their parent’s back.
The survey revealed that teens want their spending to “do good,”
with two-thirds (66%) having donated money to causes or people they
stand behind. Four out of five teens (82%) reported wanting their
spending to have a positive social impact, with more than half
(57%) saying the pandemic made them more interested in giving money
to others.
Whether or not teens share purchase decisions with their
parents, Clear Access Banking, designed for young adults and those
new to banking, features an array of convenient services at no
additional cost to help them manage money, including:
- Access to the Wells Fargo Mobile® app and Wells Fargo Online®
banking tools, including account alerts3 to help customers stay on
top of their finances and track available funds.
- A contactless Wells Fargo Debit Card with Zero Liability
protection.4
- Access to Zelle®, which allows customers to quickly send and
receive money with friends, family, and others they know and trust
who have a U.S.-based bank account, directly from one deposit
account to another.5
- Use of more than 13,000 ATMs across the country, and
full-service banking support offered by bankers face-to-face at
branches across the U.S. and via phone.
For more tips and tools related to financial wellness education,
visit the Financial Health section on Wells Fargo Stories, and for
more information about Clear Access Banking, visit
www.wellsfargo.com/clearaccess.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment, and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
About the survey
Versta Research conducted a national survey of 606 parents and
teens on behalf of Wells Fargo. The survey included 303 teens
between the ages of 13 and 17, and 303 parents of teens who are 13
to 17. Sampling of both groups was stratified by gender,
race/ethnicity, and household income, then weighted to current
population estimates from the U.S. Census Bureau of persons in
households with teens age 13 to 17. The survey was conducted from
August 24 to September 10, 2021.
1 When the primary account owner reaches the age of 25, age can
no longer be used to avoid the monthly service fee. Customers
between 13 and 16 years old must have an adult co-owner.
2 Other fees may apply, and it is possible for the account to
have a negative balance. Please see
wellsfargo.com/depositdisclosures for details.
3 Sign-up may be required. Availability may be affected by your
mobile carrier’s coverage area. Your mobile carrier’s message and
data rates may apply.
4 With Zero Liability protection, you will be reimbursed for any
promptly reported unauthorized card transactions. Please see your
applicable Wells Fargo account agreement, debit and ATM card terms
and conditions, or Wells Fargo EasyPay Card Terms and Conditions
for information on liability for unauthorized transactions.
5 Transactions between enrolled users typically occur in
minutes. Terms and conditions apply.
Zelle and the Zelle related marks are wholly owned by Early
Warning Services, LLC and are used herein under license.
Wells Fargo Bank, N.A. Member FDIC.
News Release Category: WF-ERS
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version on businesswire.com: https://www.businesswire.com/news/home/20211026005142/en/
Hilary O’Byrne, 415-715-4958 hilary.obyrne@wellsfargo.com
Stacy Kika, 213-435-4758 stacy.kika@wellsfargo.com
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