From April 8 to 14, 2020, Wakefield Research conducted a survey on behalf of Junior Achievement USA and Citizens Bank – Citizens One.
The survey of 1,000 13- to 18-year-olds not attending college focused on teens’ financial goals and concerns. An overview of those findings is contained here in the JA Teens Survey: The Financial Impact of COVID-19 Executive Summary.
Participating teens were first asked about their level of concern regarding the financial impact of COVID-19 on them, their families, or loved ones. More than two-thirds (69%) of teens surveyed said that they were “somewhat” or “very concerned” about this impact.
Additionally, most teens (72%) said that they had a discussion with their parents or guardians about finances related to COVID-19. Respondents to the survey were also asked what concerns them most about COVID-19. The possibility of a family member other than a parent or guardian getting sick topped the list (60%), followed by a parent or guardian getting sick (59%). The impact of COVID-19 on survey respondents’ plans for the future was next in their list of concerns (57%). Far fewer teens (39%) were concerned about getting sick themselves.
A significant percentage of teens (42%) say that their parents or caretakers are now working from home in response to COVID-19, while more than a quarter (28%) responded that their parents or caretakers are working fewer hours as a result of the pandemic. About a tenth (13%) say that their parent or caretaker has lost their job as a result of COVID-19.
Job loss has also hit teens. A quarter of teens (25%) say they have lost odd jobs, such as lawn mowing and snow removal, as a result of COVID-19. Nearly as many (21%) have lost babysitting and pet-sitting jobs. Almost one-in-five (18%) have lost a job at an outside employer due to COVID-19.
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