Current Releases U.S. Summer Teen Spending Snapshot
American Kids, 13 to 16-Years-Old, Spending an Average of $31 a week
Average Weekly Spending Increased with Age, with 16-Year-Olds Spending Nearly $40 a Week
Debit Dominated Cash at Retail, with Cash Accounting for Only 2.8 Percent of Retail Spending
NEW YORK, Aug. 29, 2017 /PRNewswire/ -- Current today released a snapshot of U.S. teen spending over the Summer. The data, which aggregates the spending of 13 to 16-year-olds Current debit card users, shows that American teens spent $31 a week on average from June 1 through August 26. Average weekly spending increased steadily with age, with 16-year-olds spending $38.98 a week. Current provides a debit card and companion smartphone app for teens (and parents) that makes managing money easier for families.
| Age |
Average Spent Weekly |
|
| 11 |
$17.04 |
|
| 12 |
$21.38 |
|
| 13 |
$28.10 |
|
| 14 |
$28.17 |
|
| 15 |
$30.92 |
|
| 16 |
$38.98 |
Cash accounted for a very small percentage of overall spending, with ATM withdrawals accounting for only 2.8 percent of all transactions, even though teens were four times more likely to spend money at brick and mortar retail that online. Debit transactions at retail accounted for 79.7 percent of spending and eCommerce for 17.5 percent of spending.
A variety of retail segments -- including clothing and accessory stores, discount and convenience stores, pharmacies, toy and hobby stores, and cosmetic stores -- captured 52.2 percent of retail spending. Food and drink accounted for 40.6 percent of spending. Entertainment accounted for the remaining 7.2 percent of retail spending, with 3.7 percent spent at movie theaters and 3.5 percent spent at parks and museums.
Video games represented the largest category of eCommerce, accounting for 40.3 percent of money spent online.
The Current solution includes a Visa-branded debit card that allows teens to spend money in stores and online and withdraw cash from ATMs. An app available on iOS and Android allows them to track their balance, share money with friends, and encourages saving and charitable donations. Parents also get a smartphone app the allows them to transfer money, automate allowances, set up and reward chores, put spending controls in place, and maintain visibility into their children's spending with real-time alerts.
For more information, visit Current.com and follow us at facebook.com/CurrentDebitCard and twitter.com/current.
About Current
Current is a financial technology company that enables people to more effectively manage their money with family and friends. The company's initial focus is a debit card and companion smartphone app for teens (and parents). Current's flexible, API-based platform adapts to the needs of each user, allowing parents to transfer money, automate allowances, set up and reward chores, put spending controls in place, and maintain visibility into their children's spending with real-time alerts.
Media contact:
David Lowey
[email protected] / 1-914-844-2759
SOURCE Current
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