A new poll by Northwestern Mutual Foundation‘s financial literacy Web site, www.themint.org, shows that teens are willing to work and save more when finances get tight.
Sixty-six percent of the respondents 17 or younger said they would either spend less or stop spending money on unnecessary items altogether.
"Children are learning quickly that when debt becomes a problem, saving is part of the solution," said Meridee Maynard, financial literacy expert and senior vice president of Northwestern Mutual. "This youngest generation of Americans appears willing to save more and do more to protect what matters most to them."
Savings rates have climbed to 6.9 percent in the U.S., steadily growing over the past year.
"In this challenging environment, kids and adults alike are saving more than they have in the last 15 years," Maynard said.