Sep. 24, 2009 (Business Wire) -- Today’s teenagers are saving for college more than ever before, according to a new survey released by TD AMERITRADE Holding Corporation (NASDAQ: AMTD).

According to the survey, the vast majority (62%) of young adults surveyed (ages 14-19) report saving their money to pay for all or part of college or higher education programs, compared to just 40 percent of adults surveyed (ages 20-59) who saved for higher education during their adolescent years. In fact, college is the top savings goal for today’s teens. In addition, 78 percent report that they would like to establish a plan with their parents that involves them splitting the cost of education.

And while adults surveyed recalled saving less for larger expenses such as education during their adolescent years, they were more likely to have been responsible for discretionary expenditures, such as bill payments and transportation. Teens today are more likely to rely on their parents for such expenses. More specifically, the survey found the following to be true of discretionary expenses among teenagers from past generations and teens today:

• 19 percent of adults surveyed were responsible for paying off their entire credit card balances on their own when they were teens, compared to 7 percent of young adults surveyed today.
• 36 percent of adults surveyed recalled that they were responsible for all expenses associated with a car or motorcycle when they were teens, compared to 9 percent of young adults surveyed today.
• 26 percent of adults surveyed recalled that someone else was responsible for all clothing-related expenses when they were teens, compared to 39 percent of young adults surveyed today.

“While teens today are not being held responsible for elective expenditures as much as past generations, they are planning ahead and saving more for the future. This is likely due to the fact that young adults today are more informed on major expenses such as rising education costs,” said Diane Young, director, retirement and goal planning, TD AMERITRADE. “Parents should embrace this willingness from teens to contribute and use it as an opportunity to educate them on all aspects of long-term financial planning.”

Additionally, Young believes the findings may reflect the value of obtaining an education across different generations, as 84 percent of teens surveyed today reported that they consider education to be essential to future success, compared to 56 percent of adults surveyed who felt the same way about education during their adolescent years.

“In today’s competitive environment, education has never been more important,” Young continued.