By Mondo Times editors
Boulder, Colorado USA
Posted on August 12, 2009 at 10:54pm

Teens - especially girls -- are stressed out about the economy and money matters

-- This is according to a new survey from Seventeen magazine and Bank of America that explores teens' saving and spending habits. The results were reported on August 6, 2009.

Most teens are stressed about money, but teen girls are feeling slightly more anxious in today's climate than boys, with more than eight in ten girls (85%) saying they're worried about the economy, vs. 75% of teen boys. And nearly nine of ten girls (88%) say they're fretting about money, vs. 82% of teen boys, according to the survey.

Girls' fears range from not having enough cash to pay for things they want -- like lip gloss and mini dresses -- to how to pay for college, to having money to hang out with friends. Teen girls are more likely to be stressed about college funding than teen boys, with more than two-thirds of girls (69%) saying they're frazzled about paying for education costs, vs. 59% of teen boys.

"Teens are largely recession-proof. They are still buying clothes, beauty products and entertainment. But they can't avoid the larger cultural anxiety about the economy," says Seventeen editor-in-chief Ann Shoket. "It's our job to calm their fears and help them to make smart decisions about their money so they can grow into fiscally responsible adults."

Two out of three girls say they save some cash, but admit it's not enough, according to the survey. Girls also say they're better at spending than stashing, and only one in three (34%) believe they're in total control of their finances. The Seventeen magazine and Bank of America survey also revealed that when given a choice, teen girls are more likely to choose fun over finances. Notably, if given $100 for their birthday, 55% of teen girls say they would spend it on clothes, while 45% would save it for college.

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