MANSFIELD, Texas--(Texas Trust Credit Union.)--When it comes to financial services, North Texas youth are showing a great deal of maturity, according to an extensive survey conducted by
“This survey confirmed what we suspected, which is a high level of financial maturity among young people”
Texas Trust's survey was done in advance of Youth Financial Week, April 22 -28, to evaluate how young people from ages 13 to 25 take advantage of the financial services available to them through credit unions and other options. The survey covered 1,100 North Texans.
More than half of all the teens and young adults surveyed say they have some form of relationship with a financial institution. Seven out of 10 survey respondents have a checking account, and nearly the same have a savings account. In about half the cases, these accounts are held in the youth's name.
More than 72 percent of the people surveyed say they use a debit card as their primary means of accessing their funds. Only 16 percent replied that they rely on mom and dad to dole out money to them as needed. Separately, 38 percent report they have their own credit card. Fifty-nine percent have no credit card, while only a small percentage use a credit card in their parents' name.
One troubling aspect of the survey results is the high percentage of young people who don't "balance the checkbook" or otherwise reconcile their accounts. Thirty-four percent of those surveyed took the view that "it doesn't matter as long as you don't overdraw or exceed your charge limit." Thirty-percent replied that they reconcile once a month, and three percent balance once a year.
When it comes to learning about personal finances and budgeting, parents are a young person's primary teacher. Seventy-four percent of those surveyed said their parents taught them how to budget, while only 11 percent said they have no budget at all.
"This survey confirmed what we suspected, which is a high level of financial maturity among young people," said Amber Danford, vice president of marketing for Texas Trust. "Young people are clearly more independent today and many are opening their own accounts without anyone co-signing for them. They also have access to a greater number of financial products and services geared to them, and exercise a fair amount of control over their own money, making it easier for them to participate in commerce."
About Texas Trust Credit Union
Texas Trust is one of the largest credit unions in North Texas and the 21st largest in Texas. It has been operating for more than 75 years. As a full-service financial institution, Texas Trust offers checking, savings, mortgages, credit cards, CDs, Money Market accounts, IRAs, and investment and insurance services. Its business services include SBA and conventional loans, electronic payment cards, checking and money market accounts, merchant card processing, online banking, insurance, and the Employee Solutions Network. With 58,000 members and assets of more than $726 million, Texas Trust operates in Dallas, Tarrant, and Henderson counties, as well as parts of Ellis and Johnson counties. Texas Trust has eight branches located in Mansfield, Grand Prairie, Arlington, Cedar Hill, and Athens. For more information, visit www.TexasTrustCU.org. Texas Trust is a federally insured financial institution. Deposits up to $250,000 are insured by the full faith of the federal government through the National Credit Union Administration (NCUA).