Question of the Day: What percent of 14-22 year olds have a bank account?

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Mar 20, 2019
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Question of the Day, Checking Accounts, Research

Answer: 67%

Questions:

  • Do you have a bank account? Why or why not?
    • If so, at what age did you open it? How do you use your bank account? 
  • What do you think the 1/3 of 14-22 year olds who don't have a bank account do with their money?
  • This study surveyed 14-22 year-olds. At what age in this range do you think that more than 50% have a bank account? Explain.

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from American Banker):

Teenagers with bank accounts? Apparently yes. According to Raddon’s study, two-thirds of Gen Z members have an account, either in their own name or jointly with a parent.
“It’s higher than we would have anticipated,” Handel said. “They seem to be a little more engaged in the system at an earlier stage.”
 
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Demonstrate the challenges of being unbanked in America using this video, Spent: Looking for Change
 
 
 

 

 

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.