Answer: 18%, according to recent survey by T. Rowe Price.
Here’s the data:
Some reasons parents gave for giving their kids credit cards:
Thanks to Colleen Poynton and Alex Davidov of Core Innovation Capital for recently appearing on the NGPF podcast. As venture capitalists, Colleen and Alex invest in promising early-stage companies in the financial services sector. As such, they have a front row seat to the innovative companies disrupting the status quo and changing the way we pay, we borrow and we invest (to name just a few). Colleen and Alex also provided insights into the changing nature of work (aka “the gig economy) and what young people need to do to thrive in this new environment. Enjoy!
Cool interactive (hat tip to Kristin Wong of LifeHacker and GIF from Lending Tree):
Here are the choices:
- Paying my mortgage or rent
- Lack of stable income
- Paying for education
- Not being able to retire
- Not having enough money to fund an emergency
- Wanting a nicer lifestyle
- Paying off my debt