San Francisco - June 16, 2009 - Wells Fargo & Company announced results of a recent survey that shows parents and their 18 to 22-year-old children don't always see eye to eye when it comes to managing personal finances.
The survey shows 95 percent of parents say they're confident their children will attain their financial goals, but only 5 percent of the young adults surveyed said they had such confidence about their personal finance goals.
The survey also showed parents' top three priorities for their children are to find a job, pay off student loans and pay off their credit cards and debt. Youth said their top three were to buy a car, find a job and buy a home.
Parents and young adults also have very different views on budgeting - increasingly important as the economic downturn continues. Ninety-five percent of youth said a budget is not effective for them, compared to 92 percent of parents who indicated budgets are effective. Parents are more likely to maintain a paper-based or computer-based budget versus online. Youth, however, are evenly divided on how they keep their budget - paper-based, computer-based or online.
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