A majority of the country’s high school juniors and seniors, as well as college freshman, say they are unprepared for managing and paying for the cost of college, according to a new survey conducted on behalf of Junior Achievement USA and Rhode Island-based Citizens Bank.

The survey was conducted by Wakefield Research among 500 U.S. high school juniors, 500 U.S. high school seniors and 500 U.S. college freshmen between March 22 and March 30, 2018, using an email invitation and an online survey.

The results show that 52 percent of high school juniors, 39 percent of high school seniors and 34 percent of college freshman say they are unprepared for the financial burden of higher education. Part of the reason for this feeling is because students of this age have so little money saved. Thirty-nine percent of juniors, 30 percent of seniors and 29 percent of college freshmen have less than $1,000 in their college savings accounts, according to the study.

“It’s no wonder that kids feel vulnerable,” Jack Kosakowski, president and CEO of Junior Achievement USA, said in a statement. “As a community, we are not doing enough to educate young people to make smart, sound decisions so they are confident and secure in the choices they make that impact their lives so dramatically.”

Other troublesome data from the survey reveals teens have a lack of awareness of the actual cost of a college education. When juniors and seniors in high school and college freshmen were asked their thoughts on the costs of a variety of college options, the majority responded with “I don’t know.”

Most teens also admit to not doing enough research on how to pay for college, with some expecting to borrow more than $18,000 to pay for their first year of college.

“It’s clear that more needs to be done to help equip students with the tools necessary to minimize student debt and help students make more informed decisions on what loan is best for them,” Brendan Coughlin, president of consumer deposits and lending at Citizens Bank, said in a statement. “We’re helping our young people understand how to make smart financial decisions so they can pursue their studies and begin their careers after college on sound financial footing.”

Not all of the survey’s results were bad, however. The majority of teens agree that a college degree is worth the cost and have applied or will apply to college.

“Kids today are intelligent. They know that a college degree is a good pathway to future success, yet simply need more help understanding the implications of their decision making,” said Kosakowski. “It absolutely takes a village to help ensure teens can accomplish what they hope to in life.”

In fact, the survey showed that besides their parents, many teens get financial information about paying for college from at least eight other sources: teachers or guidance counselors; college websites or brochures; family members; friends; college fairs; social media; financial websites or blogs and banks and other financial institutions.

For those students who plan to go to college – 87 percent of high school juniors and 90 percent of seniors – most expect a combination of options to pay for their education. Among the sources cited are scholarships and grants, money earned while in school or during the summer, savings and student loans.