Teens and their money worries
August 10, 2009 by Jennifer Chait
Filed under Educational Costs, children's activity
Seventeen Magazine and Bank of America just released findings from a new survey that revealed that teens are pretty darn anxious about the current economy.
According to the survey, most teens are indeed stressed out about their finances and money but girls are more so anxious than boys. More than eight in ten girls (85%) say they’re worried about the economy, vs. 75% of teen boys. And nearly nine of ten girls (88%) say they’re fretting about money, vs. 82% of teen boys.
Girls’ fears about money are a little more far reaching too. They worry about the little things; i.e. no cash for lip gloss, to troublesome issues like not having enough to hang out with friends, to major issues like how they’ll pay for college. About 69% of young girls note that they’re frazzled about paying for education costs, while only 59% of teen boys worry about educational costs.
Seventeen editor-in-chief Ann Shoket notes that, “Teens are largely recession-proof. They are still buying clothes, beauty products and entertainment. But they can’t avoid the larger cultural anxiety about the economy… It’s our job to calm their fears and help them to make smart decisions about their money so they can grow into fiscally responsible adults.” Most girls admitted in the survey that they do save some money but not enough and are just as likely to buy new clothes as save.
Other interesting findings from the survey:
- About 1/2 of teens said that their parents are noticeably worrying and fighting about money more often lately.
- 38% of teens say that they’ve had to alter their college plans in some way because of the current economic downturn.
- A large portion of teens (especially Hispanic teens) surveyed said that due to the economy they have changed their spending habits.
How to use this information:
As a parent it’s not unusual to worry about money, but fighting about it, and overly stressing without trying to come up with a solution may impact your teen negatively. Obviously they’re paying attention, and money is on their mind too. It’s smart to involve your kids in money making decisions now, even more so than before because everyone, including teens are looking for solutions that can help them save and still afford the goods they want. For more tips related to teens and money read:
- How to totally mess up your kids when it comes to money
- Tips for dealing with teen money issues
- Save money on school costs
- Save money when moving to college
- Teach kids about budgeting
How are your teens handling this economy?
[image via stock.xchng]
Comments
One Response to “Teens and their money worries”Trackbacks
Check out what others are saying about this post...[...] also affected by the economy, and not just in a we can’t have this toy kind of way. Kids have actual money concerns and it doesn’t help when they see you freaking out or worrying endlessly about [...]