Survey: H.S. Students Don't Know CUs from Banks & Don't Care Posted by AVCU on 3:16 PM

Credit Union Times reports on survey results showing that the next generation of consumers strongly distrusts all financial service providers.  The Take Charge America Institute for Consumer Financial Education and Research (AZ) employed the Financial Literacy Group to conduct the survey. The poll was conducted among 878 students at 18 high schools in 11 states across the country. Respondents from all levels of high school were represented. Some of the highlights:

•    Despite strong suspicion of financial institutions, students believe that financial success can be achieved with the right financial decisions.
•    60% of students believe that credit card companies entice people into taking on more debt than they can handle.
• Over 70% of students believe businesses try to trick young people into spending more than they should.
• 83% believe that banks are mostly interested in getting their money through hidden fees.
• Only 15% of students were aware that credit unions are different than banks with respect to their not-for-profit status.