WASHINGTON (3/19/15)--The lesson that it's important to save money appears to be rubbing off on young people, but many have not been properly taught how to do so, according to findings from a series of focus groups conducted by America Saves.
Participants in the America Saves First-Time Worker program--offered in conjunction with Summer Youth Employment Programs--were recently asked to participate in focus groups conducted by the Alan Newman Research Group during their summer jobs.
Those who participated, many of whom lived in low-income census tracts in Miami, Chicago and Washington, D.C., were asked questions about their opinions and habits on saving, spending and borrowing.
"While many of the participants knew that saving money was important and had positive benefits, many were unable to save," said George Barany, America Saves financial education director.
The Top 10 insights learned from the responses were: