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.