Top Ten Financial Myths Held by 14-21 Year-Olds

Last week, the Consumer Federation of America (CFA) released a new survey revealing how parents view their responsibility, competence, and chances for success of financially educating their children. Little more than half (53%) of a representative sample of American parents (with children under 18 at home) surveyed, indicated that they were “very confident” their children will leave home knowing how to manage money.

As stated in their press release, “… only 73% said they were “very capable” of providing this instruction. And little more than half (53%) said they were “very confident” their children will leave home knowing how to manage money, credit, and debt.”

They also released the Top Ten Financial Myths Held by 14-21 Year-Olds

1. I don’t have to worry about credit at my age.
2. Bad credit can’t keep me from getting a job.
3. All loan companies have the same rates.
4. All credit cards are alike.
5. The job of financial advertising is to tell the truth.
6. It’s OK to bounce a few checks.
7. It’s OK to make minimum payments on a credit card.
8. Paying late occasionally can’t hurt my credit.
9. Fine print isn’t important.
10. Young people don’t have credit scores.

To see a video of the “Top Ten Financial Myths”