Growing up during unstable economic times has resulted in a generation of financially cautious teens. A recent study found that 16-18-year-olds are more likely to save money for later in life than “the next couple of generations up,” and 72% are concerned about debt. They are hoarding their hard earned “babysitting and odd job money,” and even stated they would like an app that asks them “Do you really need this?” when making purchases. Cash may also be making a comeback: young consumers prefer cash to keep tabs on how much they spend, which is more difficult to do when using a card. (Newsweek)
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