Teen-agers' use of credit

Patterns of credit use are developed as a result of both formal and informal learning experiences, with parents, teachers and peers playing their respective parts. Cateora found that peers were more influential with young people than parents, when It came to money management (8). Eastwood wrote that professional educators might be better qualified than parents to teach youths about credit use (12). However, McClish reported that not all schools in California included credit management In their curriculum, and teachers who did include this subject seldom discussed the use of credit by teen-agers (21). Since there is lack of information about the Influence of formal money management education on attitudes of teen-agers regarding credit use, the Investigator poses a question. Does classroom experience with money management influence teen-agers attitudes about credit use? This study has been formulated to find some answers to that question. From data collected it will be possible to compare attitudes held by those with classroom experience in money management and those lacking this training, it will be possible to explore and compare actual use of credit between these two groups of teen-agers. There is a possibility that expressed attitudes might differ from actual behavior, hence comparisons will be made between the teen-agers’ use of credit and the feelings they express about credit use. Since teen-agers are subject to limitations set by their parents, especially in using parental credit accounts, the actual use youths make of credit will be influenced by parental attitudes and restrictions. It will, therefore, be necessary to find what limits are set by parents, and what feelings they have about teen-agers' use of credit. Types of credit will be limited to three kinds: (1) retail store accounts; (2) gasoline company credit accounts; (3) bank retail credit accounts. Use of credit will include such areas as the following: (1) use of personal or parents' accounts} (2) age at which credit accounts were first used} (3) types and number of stores where teen accounts were used} (4) types of merchandise purchased on teen accounts; (5) patterns of repayment, when parents' accounts were used. Attitudes held by these teen-agers and parents will include such areas as the following; (1) use of parents' accounts by high school teen-agers, teen-age college freshmen and sophomores; (2) possession of personal accounts by high school students, teen-age college freshmen and sophomores; (3) the desire of those teen-agers without accounts to open personal credit accounts.