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Is your teen ready for vehicle ownership?

Car

A new study by Junior Achievement and American Honda Finance Corporation says 86 percent of teens feel that parents should help them with automobile expenses such as insurance, repairs and gas, while 91 percent of parents believe assistance is unreasonable.

More findings include:

  • 61 percent of parents say that a car is a more effective means of teaching kids financial responsibility than a credit card.
  • While 76 percent of teens ages 15-17 are confident they fully understand the financial responsibilities of owning a car,85 percent of parents with 15-17-year-old teenagers do not believe their kids are ready.
  • 61 percent of parents expect their teen to complain about the financial upkeep of a car within 30 days of getting their vehicle.

To take the Financial Drive Test, click here. To learn how to get your teenager ready for vehicle ownership, watch the video above.

This segment was sponsored by Junior Achievement and American Honda Finance Corporation.

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