How much does the average teenager save up? ie. put into they're bank accounts?

Question

I've wondered about it alot since I'm 18 and have saved up $30000, but I don't know if there are any others out there approximately my age that have saved this much. I plan on spending some for school but I'd like to hear what else I could use it for.

P.S: I live in Canada, and still live at home, also working as well.

Answer 1

That's a really good amount of savings. I'd say you're way ahead of the norm, especially if it's $ you made yourself (not given to you by your parents). I'm almost 17 and have saved about $5000 (from babysitting the past 4 summers and birthday $). You could spend the money on a lot of things, but I think your best bet is to save it for hard times, a down payment on a house, or a car. You could put it in a CD, the stock market, bonds, or a mixture of many different places.

Answer 2

I SAY AN AVERAGE TEENAGER AT ABOUT 18 WOUD HAVE 1500-3000. IF THEY DIDN'T HAVE TO SPEND THERE OWN MONEY.

IF THEY HAD TO SPEND MONEY ALONG THE WAY I SAY 200-600 DOLLARS BY 18.

30,000 IS A LOT. I WOULD SEEK FINANCIAL ADVISE FROM A PROFESSIONAL AND LOOK INO INVESTMENT OPTIONS. BECAUSE YOU ARE DEFINITELY ABOVE AVERAGE.

Answer 3

I have a job and right now i have about 4,000 in savings over the course of a year. I have this cuz i only spend on emergencies and my parents pay for my car and everything as long as i have a job. also i get paid about 200 a week after taxes...im 17 and i work at a d**n fast food place...but as long as im making money im happy..lol

Answer 4

I'd talk to a professional. You can hire a fee only financial planner to help you get some ideas about investing.

The following is a personal opinion: if you do not need it to pay for school or anything talk to your planner about investing the money long term for your retirement. The power of compound interest is great indeed, especially over the long term (20-40 years), and you'd be giving yourself a helll of a headstart towards retiring a millionaire. I would look into index funds tracking the american S&P500, the TSX 60 and a good bond index. As always DO YOUR RESEARCH. a fee only financial planner will help you figure out what is right for you. You may also want to consider saving that as a downpayment for a house.  

Good luck, and get some expert advice!