The Financial Transition Into Being An Adult

By Francine Fluetsch on April 17, 2014

image via hrblockdollarsandsense.com

Moving into the adult world is a scary transition, especially since we don’t know exactly what lies ahead. We have to start figuring things out for ourselves, like how to pay rent, taxes and many other “wonderful” things that fall into the category of becoming an adult. Luckily, this transition doesn’t have to be made alone; we will always have our parents there for guidance, and the promise of what a college degree can bring will help us feel more secure for our future.

According to this press release, H&R Block Dollars & Sense, a program committed to helping American teens increase their financial know-how, conducted a national survey catered towards individuals between the ages of 13-17, to examine their mind-sets and behavior.

image via www.youcanbeatms.com

The survey found that “eight of every 10 teenagers are worried about finding a good job and more than half are concerned about being worse off financially than their parents, who 75 percent say are their most important source of financial information.” Seventy eight percent of those interviewed said that they are worried about the student loan debt that they will plummet into, but 97 percent still plan on attending college.

The pressure of going to college is putting an ample amount of stress on people at such a young age, which can make it all the more terrifying and over-whelming. It really makes you want to run into your parent’s arms, and have them take care of you again. In order to reduce stress, it’s all about getting educated about these grownup matters, and making sure that you are informed to the fullest extent.

H&R Block Chief Marketing Officer Kathy Collins said in the press release:

“Our survey shows 57 percent of teens use their own money on purchases, yet they often lack fundamental money management skills. The good news is, the research clearly illustrates a desire to learn, to grow and to become financially savvy – and parents play a huge part in that.”

Many teens view their parents as good role models when it comes to money, and this is awesome for when you get into a situation that you are not quite sure how to go about on your own. My parents know their stuff, so it helps me feel more at ease, even in tight situations, because I know I can always call them and ask for advice. According to the press release, young adults also tend to turn to their teachers for money knowledge. Know that help is always available, and though it is good to attempt to figure things out for yourself, never be afraid to ask.

image via www.decadirect.org

Finances are complicated, no matter what your age, so this is where H&R Block Dollars & Sense comes into play.

“We created Dollars & Sense in part as a guide and a resource, not just for teens, but for parents and educators charged with having these often difficult conversations and imparting lessons,” Collins said in the press release. “Together, we can help give young people the understanding needed to manage their personal finances.”

Dollars & Sense is really committed to helping the younger generations, and since 2009, has donated more than $4 million in grants and scholarships. Helping with financial advice and getting students to afford college? Now that is pretty awesome. Click here for more information.

We all know that the college situations keep getting worse, with the rise of tuition and the competitiveness of jobs since jobs are lacking in the market place, but this isn’t stopping students from completing the next essential phase in their life. They realize that it will better their future, and for most it isn’t even a question.

Despite knowing its importance, students still fear student loans, not wanting to take out too many and then have the debt hanging over them for the rest of their lives. For a lot of students, cost of university is the main deciding factor of where they will attend college, which is really annoying.

Teens nowadays are worried that they will be less financially stable than their parents, since college cost keeps rising, and median household income fell for the fifth straight year in 2012. The odds are not really in our favor, but somehow, we will make it work. Getting informed may be a long process, but it will help us get to where we need to go.

Taxes, for example, are one of the things that should be on the top of your “learning to be an adult” list. According to the press release, “only three of every 100 have filled out an income tax form, while 26 percent feel the forms are too complex.”

image via www.mrconservative.com

Taxes definitely fly right over my head, but it would be awesome to learn how to do them myself and not have to rely on anyone.

A bit about H&R Block: I’m sure the name sounds familiar. They are the world’s largest consumer tax services provider. H&R Block provides affordable banking products and services. More than 625 million tax returns have been prepared worldwide by and through H&R Block since 1955. And their new program, Dollars & Sense, is a great way to get people informed and help them transition into the adult world.

 

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