American teenagers may spend a lot of time on their smartphones but when it comes to getting paid and spending their money, they prefer cash.
According to a new survey by Junior Achievement USA and data-marking firm Alliance Data, 75% of the teens polled have made purchases in cash and 80% of those who receive money from parents or caregivers get it in the form of cash. The survey, conducted by Wakefield Research between in July, polled 1,000 teenagers between the ages of 13 and 18.
For one, cash isn’t traceable, he said. A credit card or mobile app, on the other hand, allows parents to see their kids’ spending.
That’s one reason he doesn’t advise using cash as a tool to help teach your children about money. It’s also unlikely to be the way they spend as adults, said Ivory, founder of Delancey Wealth Management and a member of the CNBC Digital Financial Advisor Council.
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