Overall, teenagers are taking a greater interest in their long-term financial health — although far fewer understand basic retirement planning.
"This research shows retirement is more top-of-mind for teens than one might think," said Jack Kosakowski, Junior Achievement's president and CEO.
Slott recommends opening a Roth individual retirement account to get a head start.
Contributions to a Roth IRA are taxed upfront, and earnings grow tax-free.
Once contributed, the money inside a Roth IRA account can be invested appropriately to suit any type of long-term goal.
Persons:
Jack Kosakowski, Junior, Ed Slott, Slott, Roth, Christopher Jackson's, Jackson
Organizations:
Junior, Da Vinci Communications High School, CNBC
Locations:
Southern California