Young adults whose parents set high expectations for good money management have better spending and saving habits, according to new research from the University of Arizona.
Joyce Serido, a researcher at the UA's Norton School of Family and Consumer Sciences, has been tracking a group of UA seniors since they were freshmen. She wants to know how their financial behaviors develop and then follow the changes in their financial lives until they are 40 years old.
"We're seeing them grow up financially," Serido said.
The project is called APLUS, the Arizona Pathways to Life Success for University Students. It is funded by the National Endowment for Financial Education and by the Citi Foundation.
SURVEY RESULTS
• Students whose parents communicated with them about finances and set high expectations showed more responsible financial behavior.
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• Last year's survey showed the students struggling through the recession. This year's survey shows their confidence has rebounded but their financial resources have not.
• Only 20 percent are on track to graduate on time or ahead of schedule.
• College seniors have realistic expectations for their first-job salaries.
• About 96 percent of the students expect to achieve financial independence within 10 years.
• About 60 percent of the students have no debt, either because they paid for college with scholarships or because their parents paid.
• Those who have debt have borrowed an average of $7,000.
Learn more
Go to SmartAboutMoney.org for tips on talking to teens about money management.
Contact reporter Becky Pallack at bpallack@azstarnet.com or 807-8012.
