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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Capital One Financial Corporation | NYSE:COF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.65 | -0.41% | 159.10 | 159.76 | 155.36 | 159.70 | 1,372,431 | 18:37:19 |
Six out of ten consumers say economic concerns will impact their back-to-school shopping spending this year, but as parents and teens look to pinch their pennies this year many don’t see eye-to-eye on shopping priorities and plans, found Capital One's 13th Annual Back-to-School Shopping Survey of parents and teens.
Overall, 69 percent of parents said they believe they are doing enough to teach their kids about personal finance and money management and 70 percent say they discussed back-to-school shopping and wants vs. needs with their child, yet less than half of teens (47%) say they have worked with their parents to develop a budget for spending and saving their money.
“Back-to-school shopping season is a great opportunity for parents to help influence money management habits in their children that can last a lifetime, as we know our childhood experiences shape our adult attitudes about money,” said Shelley Solheim, Director, Financial Education, Capital One Financial Corporation. “Many parents say they’re talking with kids about important concepts like wants vs. needs this shopping season – which is great news -- but parents can further reinforce those practices by building a shopping budget with teens, discussing priorities and trade-offs, and comparison shopping together to get the best deals.”
About half of parents (52%) say they will spend about the same amount as last year, while 25 percent expect to pay more and 19 percent expect to pay less than last year. More than 1 in 5 parents (21%) say they spend more on back-to-school supplies each year than they are saving for college.
Teens Lack Practical Money Management Experience
Although teens report high levels of confidence in their money management skills – 71 percent gave themselves a grade of “A” or “B” for their current knowledge of financial responsibility – teens have limited practical money management experience. Fewer than half of teens have worked with their parents to develop a budget for spending and saving – even though 62 percent of teens report receiving an allowance, and 63 percent of those who do get an allowance receive between $10 and $50 each month.
Teens also lack an array of other money management experiences:
Teaching Teens Personal Finance Skills
Capital One offers the following tips to help parents take advantage of the back-to-school shopping season and other opportunities to talk to their teens about money management skills:
For more free tips and tools to talk with your kids about money, visit CapitalOne.com/financial-education.
Survey Methodology
For Capital One’s annual Back-to-School survey, Braun Research was engaged to conduct 1,064 interviews with 564 parents of teenagers aged 11-17 and 500 teenagers, aged 11-17 across the United States. Surveys were conducted by telephone from July 10, 2013, through July 15, 2013. The margin of error for the parents at 95% is plus or minus 4.13%. For the teens, the margin of error at 95% is plus or minus 4.38%. Interviews were monitored at random. Sampling for this study was conducted across the United States using a national probability sample of all exchanges and area codes of households with someone aged 11-17 living there. All interviews were conducted using a computer-assisted telephone interviewing system. Statistical weights were designed from United States Census Bureau statistics.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $209.9 billion in deposits and $296.5 billion in total assets as of June 30, 2013. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
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