In a recent survey, teenagers were asked what they would do with a $500 windfall. The top two responses were “Spend on things I want” (67%), and “Spend on going out with friends” (56%).
When asked what they would do with a $5,000 windfall, the top two responses were “Save for college” (84%), and “Save in my bank account” (76%).
While the teenagers surveyed would clearly “splurge” with a sudden influx of $500, it was encouraging to read their responses when faced with the larger windfall. I wonder if the answers would be different if adults were surveyed.
What would you do with a $500 windfall? How about $5,000? Please share your responses in the comments below.
Source: Charles Schwab 2011 Teens & Money survey of 1,132 teens 16 to 18 years old.