{"id":471915,"date":"2021-04-06T10:22:23","date_gmt":"2021-04-06T14:22:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471915"},"modified":"2021-04-06T10:22:23","modified_gmt":"2021-04-06T14:22:23","slug":"survey-finds-2020-high-school-graduates-delayed-college-plans-concerned-about-financial-security","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/survey-finds-2020-high-school-graduates-delayed-college-plans-concerned-about-financial-security\/","title":{"rendered":"Survey Finds 2020 High School Graduates Delayed College Plans, Concerned About Financial Security"},"content":{"rendered":"

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Survey Finds 2020 High School Graduates Delayed College Plans, Concerned About Financial Security<\/b><\/p>\n

\nClass of 2020 significantly impacted by COVID-19; concerned about financing college, though remain optimistic about their financial future\n<\/p>\n

PROVIDENCE, R.I. & COLORADO SPRINGS, Colo.–(BUSINESS WIRE<\/a>)–
\nCOVID-19 has significantly impacted how teens are thinking about their financial futures, prompting 25 percent of them to delay their college plans in the face of reduced financial support from parents and guardians because of the pandemic, according to a new survey from Junior Achievement (JA) and Citizens. The findings, which indicate broad-based concern among teens regarding how they will pay for higher education, highlight an increased need for financial literacy educational resources to assist them in making financial decisions that impact them over the long term.\n<\/p>\n

\nIn addition to prompting increased concern among teens generally, the survey indicated that the pandemic has had a disproportionate impact on teens of color, with 60 percent of Black and 59% of Hispanic teens reporting that COVID-19 has affected how they will pay for college, compared to under half (45%) of their White peers.\n<\/p>\n

\nThe survey was conducted among 2,000 American teens ages 13 to 19 not yet graduated from high school and 500 teens who graduated high school in 2020.\n<\/p>\n

\n\u201cThe past year has brought unprecedented challenges and uncertainty to everyone, and high school students are feeling this as they navigate the transition to the next phase of their lives post high-school,\u201d said Christine Roberts, Head of Student Lending at Citizens. \u201cEquipping students with the skills and knowledge they need to make important financial decisions is critical to easing uncertainty and ensuring teenagers are able to make sound financial decisions.\u201d\n<\/p>\n

\nDespite showing greater uncertainty and anxiety among young people amid the challenges created by the pandemic, the survey revealed an overall sense of optimism among respondents, with a majority (74%) of teens who have not yet graduated high school remaining bullish about their financial future. Even with many delaying post-high school plans, most of the Class of 2020 (65%) remains optimistic overall about their financial future.\n<\/p>\n

\nMany of those surveyed reported that COVID has prompted their families to pare back financial support for college, with nearly three in four (72%) Class of 2020 high school graduates and 79 percent of high school-aged teens indicating that they will need to rethink how to finance some or all of their higher education.\n<\/p>\n

\n\u201cLast spring there was concern about how the pandemic would impact the Class of 2020, and this survey reinforces those concerns,\u201d said Jack E. Kosakowski, President and CEO of Junior Achievement USA. \u201cAfter the financial crisis of 2008, we saw a doubling of student loan debt and young adults impacted by that situation delaying major life decisions, such as purchasing a home, starting families and planning for the future. It is important that we offer support for today\u2019s teens experiencing the economic fallout from COVID. For Junior Achievement, that means providing education about critical life skills to help them navigate uncertain times.\u201d\n<\/p>\n

\nAdditional survey findings include:\n<\/p>\n