Cash or Checks Top Teens' Holiday Wish List
04 November 2005 - 1:00AM
PR Newswire (US)
Boys & Girls Clubs of America Survey Finds Teens Are Saving
Their Money for a Snowy Day ATLANTA, Nov. 3 /PRNewswire-FirstCall/
-- Feeling guilty about writing a check instead of taking the time
to find the perfect gift for the teens on your shopping list? The
recent "Money Matters Holiday Survey" confirms that cash is king
when it comes to satisfying teenagers' wish lists at holiday time.
The survey, conducted by Boys & Girls Clubs of America (BGCA),
includes insights from more than 700 teen members of Clubs
nationwide, 286 of whom have participated in the Money Matters:
Make It Count program, a joint initiative of BGCA and The Charles
Schwab Foundation, which promotes financial literacy among teens
from disadvantaged circumstances. Findings from the survey revealed
that 38 percent of teens would prefer to receive cash or a check.
Other in-demand holiday gifts included cell phones or portable
electronics (15 percent), clothing (12 percent) and a car (9
percent). The survey further found that 35 percent of teens
surveyed said they began saving money for gifts one to three months
in advance of the holiday season; 38 percent of teens would put any
extra money not spent on holiday gifts in the bank; and, when asked
what they would do if they received $1,000 as a holiday gift, 28
percent of teens said they would save it. Additional survey results
include: -- Expected teen spending on holiday gifts: 27 percent of
teens surveyed plan to spend up to $50 on holiday gifts this year.
Nearly 25 percent plan to spend between $51 and $100, and
approximately 21 percent intend to spend more than $100. -- Teens
are working hard for the money: 32 percent of teens got the money
they plan to spend on holiday gifts this year from a part-time job.
-- Teens take their cues from other teens: When it comes to
deciding what they would like to receive as a holiday gift, teens
are most influenced by: popularity with friends or other kids at
school (38 percent), advertisements (35 percent) and magazine
articles (27 percent). -- Celebrity-driven culture raises teens'
expectations: The majority of teens surveyed (66 percent) think the
news media's attention on celebrities and their money raises teens'
hopes of getting large gifts. "It is encouraging to see that,
despite the urge to spend money on gifts this holiday season, our
Club members are recognizing the importance of saving for their
future," said Roxanne Spillett, president of BGCA. "Through
programs like Money Matters, Boys & Girls Clubs are able to
help our teen members learn how to save money, develop a budget and
spend wisely, enabling them to purchase holiday gifts, but also
helping them to prepare for other important expenses, such as their
college education." The Money Matters program, which is available
to all Boys & Girls Clubs, helps teens ages 13 to 18 learn
practical ways to save, spend and invest the money they earn
through fun, interactive activities and exercises on topics like
using a checking account, managing debt, saving for college and the
basics of investing. The program helps members enhance their
financial skills through a variety of components, including a Teen
Personal Finance Guide, Facilitator's Guide and the Money Matters
Web site -- a secure site for teens. Money Matters also features
the Schwab Employee Volunteer Program, which allows Schwab
employees to share their financial expertise with teenage Club
members and their families. About Boys & Girls Clubs of America
Boys & Girls Clubs of America (http://www.bgca.org/) comprises
a national network of some 3,700 neighborhood-based facilities
annually serving some 4.4 million young people, primarily from
disadvantaged circumstances. Known as "The Positive Place for
Kids," the Clubs provide guidance-oriented character development
programs on a daily basis for children and teens, 6-18 years old,
conducted by a full-time professional staff. Key Boys & Girls
Club programs emphasize character and leadership development,
education and career enhancement, health and life skills, the arts,
sports, fitness and recreation. About The Charles Schwab Foundation
Funded by The Charles Schwab Corporation (NYSE / Nasdaq: SCH), the
Charles Schwab Foundation is committed to giving back to the
community by supporting employee-selected causes and fostering
financial literacy through funding, involvement and expertise. The
Charles Schwab Corporation, through its operating subsidiaries,
provides securities brokerage and financial services to individual
investors and the independent investment advisors who work with
them. With over 7 million individual investor accounts and more
than $1 trillion in client assets, The Charles Schwab Corporation
is one of the nation's largest financial services firms. Its
subsidiary Charles Schwab & Co., Inc. (member SIPC) provides a
complete range of investment services and products, including an
extensive selection of mutual funds; financial planning and
investment advice; retirement plans; referrals to independent
fee-based investment advisors; and custodial, operational and
trading support for independent fee-based investment advisors
through its Schwab Institutional division. Its subsidiary Charles
Schwab Bank (member FDIC) provides banking and mortgage services
and products. The corporation's other operating subsidiaries
include U.S. Trust Corporation (member FDIC) and CyberTrader(R),
Inc. (member SIPC). These companies' Web sites can be reached at
http://www.schwab.com/, http://www.schwabbank.com/,
http://www.ustrust.com/, and http://www.cybertrader.com/. Brokerage
products: Not FDIC insured. No Bank Guarantee. May Lose Value. Boys
& Girls Clubs of America's "Money Matters Holiday Survey" was
conducted online from Sept. 12 to Sept. 23, 2005, and was completed
by 716 Boys & Girls Club members ages 13-18. DATASOURCE:
Charles Schwab; Boys & Girls Clubs of America CONTACT: Lindsey
Edmondson of Boys & Girls Clubs of America, +1-404-487-5868, or
; or Kim Dresdale of Patrice Tanaka & Company, Inc.,
+1-212-229-0500, ext. 247, or , for Charles Schwab Web site:
http://www.bgca.org/ Web site: http://www.schwab.com/
Copyright