Capital One’s Annual Back-to-School Shopping
Survey Reveals Gap in Budgeting Priorities and
Communication Between Teens, Parents
Survey Shows Many Parents Miss Key Opportunity to Teach Teens Money Management Skills
August 05, 2010 08:03 AM Eastern Daylight Time
MCLEAN, Va.--(EON: Enhanced Online News)--This back-to-school shopping season, many teenagers have their
eyes set on big-ticket items like e-readers, computers and smart phones, but parents footing the shopping bill plan to
stick to the basics such as clothes and traditional supplies, according to a new survey from Capital One Financial
Corporation (NYSE:COF). In the company’s tenth annual back-to-school shopping survey of parents and their
teens between the ages of 13-17, one-quarter (25 percent) of teens listed a cell or smart phone, computer or an
electronic device such as an iPod or e-reader as one of three top items they plan to purchase before heading back to
school this year. Only 14 percent of parents surveyed, however, listed one of these items as a top purchase for
back-to-school.
Capital One’s survey also found that only one-quarter (24 percent) of parents have created a back-to-school
shopping budget with their child and only one-third (31 percent) of parents have created a shopping list with their
child. One-quarter (27 percent) of parents admit they have not had any conversations with their child about planning
for back-to-school shopping.
“This year’s survey found several gaps in budget expectations and communication between parents and teens
regarding back-to-school shopping plans,” said Shelley Solheim, Director of Financial Education at Capital One.
“Back-to-school shopping season is often overlooked as a financial education opportunity, but it’s an optimal time
for parents to teach teens about budgets and smart spending in a real-world situation.”
Teens are Looking for Money Guidance
Half (53 percent) of teens polled say they want to learn more about how to manage their money. More teens say
they would pr