Market Overview

New Study From Current: 80% of Teens are Saving for Goals Including Cars, Electronics, Clothes and College

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Current finds that nearly half of teens are looking to save at least
$2,500 to reach long-term goals

Teens are indeed saving, a newly released study finds, with nearly 80%
percent of teens saving for one or more items, including cars, video
games, clothes and college. Current,
which offers a debit card and app that equips teens for financial
success, conducted a survey to find out how teens are saving.

Data revealed:

  • Teens are saving for big ticket items. 17 percent of teens are
    saving for their own cars, while 11 percent are actively saving for
    college. A mobile-first generation, 26 percent are saving for a new
    phone or electronic device.
  • Teens are saving for the long-term: 59 percent of teens don't
    expect to achieve their savings goal for a year or more.
  • Teens are saving for more than one thing. 65 percent are saving
    for two or more things, often balancing short and long-term goals.
  • Most teens are tracking their savings progress: 83 percent of
    teens are actively tracking their savings goals, mythbusting the idea
    that teens are impulsive with money.
  • Teens are all about the hustle: Many teens are saving to start
    their own businesses, from apps to online magazines for LGBT teenagers.
  • Teens often think through their purchases: Teens think
    critically about how to better save, with 25 percent noting that they
    should consider "want vs. need."

"Contrary to expectations, this generation of teenagers is turning out
to be more entrepreneurial, savings-conscious and fiscally savvy than
past generations," said Stuart Sopp, founder and Chief Executive Officer
of Current. "Our technology is empowering teens to form good financial
habits through hands-on learning, and this research shows that, when
given the right tools, they are making smart decisions."

The Current app has a Savings Goal feature that allows teens to set
personalized goals and track their progress in real time. Among teens
with active savings goals, 49 percent have set a savings goal of $2,500
or more, 6 percent have set a goal of $1,000 to $2,499, 14 percent have
set a goal between $250 and $999, and 31 percent have set a goal of less
than $250. To see what Current teens are saving for, check out the
hashtag #currentgoal
on Instagram
.

In addition, teens using the app's round-up savings feature are
contributing $8 a month, or $100 a year to their savings by rounding-up
every time they spend.

For this study, Current surveyed over 200 teens who had started using
the company's debit card and app within the last three months.

Current is redefining finance by connecting individuals, groups and
brands with the future of money. Preparing teens for their financial
futures through hands-on learning, the Current app and debit card allows
teens to spend based on their preferences, check their balance and track
their spending, earn money for chores and tasks, send and receive money
from their friends, and donate to millions of charities, in addition to
saving. Parents can use the app to automate transfers, track spending,
set limits or blocks, reward for chores and add family members, so that
any adult with a bank account can contribute.

About Current

Founded in 2016, Current empowers teenagers to connect their money with
the people, brands and experiences they value. Current's debit card and
money management platform brings a new financial experience to
teenagers, because the future of finance is social and digital.
Current's flexible, API-based platform adapts to the needs of each user,
allowing parents to transfer money, automate allowances, set up and
reward chores, put spending controls in place, and maintain visibility
into their children's spending with real-time alerts. For more
information please visit www.current.com,
and follow us on Twitter
and Facebook.

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