Question of the Day: What percent of 15 year olds have bank accounts?
- Do you have a bank account?
- If so, when did you set it up?
- If not, why not?
- How do you think most teens use a bank account?
- For those who set up an account, what is the process you went through to open it?
Behind the numbers [PISA Study]:
In the United States, 53% of 15-year-old students have a bank account [Table IV.5.8], in line with the relatively wide access to financial products and services in the population more generally (88% of 15-24 year-olds and 94% of 25-64 year-olds have an account at a formal financial institution) [Table IV.3.12]. Students in the United States who hold a bank account score 22 points higher in financial literacy than students who do not, after accounting for socio-economic status [Table IV.5.13]. In the United States, socio-economically advantaged students are about six times more likely than disadvantaged students to hold a bank account [Table IV.5.11].
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About the Author
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.