Consumer Payment Card News

Teen Spirit

Two-thirds of American teens currently use financial services but very few have credit cards. A new report found that only 3.5% of this group has a credit card in their own name. There are 24.8 million Americans between the ages of 12 and 17 with 16.4 million currently using financial services. MD-based Packaged Facts says teens represent a total yearly income of $80 billion. The research firm found that 47% of teens age 12-17 have a savings account, 12% have a checking account, and 15% have an ATM card. Also, 95% of teens between the ages of 14 and 19 have either bought or received a gift card, with some 48% of college-bound teens purchasing cards. A recent poll by First Data revealed that the average number of gift cards teen consumers plan to purchase is three for the holiday season. The survey also found that teens purchased almost double the number of gift cards they did in 2006 (7.6 vs. 4.3 cards – a 77% increase).

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