According to a new study, nearly two-thirds of teens and young adults aged 12 to 29 admit they are becoming increasingly concerned about their personal finances.
TRU, a youth research firm, conducted the “3rd Wave" study by examining the upcoming buying intentions of 1,300 teens and young adults.
The study showed that 44 percent of people between the ages of 12 and 15 were concerned about the recession.
In addition, 71 percent of those between the ages of 20 and 29 expressed an increasing concern over the failing economy.
Teens Are Holding Back the Cash
TRU asked the teens and young adults to indicate whether they anticipate spending more, less or the same in particular categories of purchases over the next 12 months.
The majority of those surveyed said they expect to spend less on electronics, restaurant meals, snacks and entertainment.
However, they did expect to spend the same amount as they currently do in categories such as housing, transportation and food costs.
Fast food is out in the coming year, as 75 percent said they would be hitting the drive-thru less often over the next 12 months. Seven out of ten survey respondents also said they plan to eat more meals at home.
Dinner and a movie at home may be the new trend, as 53 percent said they would be staying home more.
More than 25 percent of people 20-29 said they may consider getting a second job and one-fifth said they would shop at second-hand stores in the coming months.
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Read more: How to Tame the Debt Dragon
Tags: debt, recession, teens in recession
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