Today’s teenagers are saving for college more than ever before, according to a new survey released by TD AMERITRADE Holding Corporation

The survey shows putting money away for higher education is the top savings goal for today's teens. The results showed 62 percent of teens aged 14 through 19 save their money for college, a much higher rate than the 40 percent of adults who said they saved when they were teens.

The results was quite a surprise to educators who are pushing for financial literacy education in schools.

Surveyed parents reported that they were more likely to have relied on their parents for college expenses, but were responsible for paying their own bills and car expenses when they were teens.

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.