We know teens using Current save money, adoption of our savings goal tool increases 60% every month. What teens are saving for might surprise adults. Many are saving for a new phone or gadget, and sneakers and clothes -- small ticket items and nothing unexpected. But nearly half (49%) have set a savings goal of $2,500 or more. Why are they saving that much money? It turns out they are saving for the future.
Of all the goals set for $2,500 or more:
- 48 percent are saving for their own car
- 24 percent are saving for college
- 10 percent are just saving to save
- 5 percent are saving for travel
- 2 percent are saving for a house or apartment
The Current app has a Savings Goal feature that allows teens to set personalized goals and track their progress in real time.
Among teens with active savings goals:
- 49 percent have set a savings goal of $2,500 or more
- 6 percent have set a goal of $1,000 to $2,499
- 14 percent have set a goal between $250 and $999
- 31 percent have set a goal of less than $250.
To see what Current teens are saving for, check out the hashtag #currentgoal on Instagram.