With the economy being at its worst since the great depression, families are in a financial pinch. But it’s not only the adults in the family who are affected. Everyday more teens become worried about the shape of their future finances once they are moved out of the house.
Teens deal with stresses of school, work, and chores. Now they have the economy to add to that list. Some teens cannot afford a car, clothing, or even food.
According to Junior Achievement USA, “Teens are no longer as confident in their ability to achieve financial freedom. And only about fifty-six percent of teens think they will be as financially well-off or better than their parents.”
With parents being the number-one source of money-management information for teens, parents have a tough decision regarding money. Parents decide on whether or not to tell their kids about money issues. If teens are exposed to problems in the economy, they are better off knowing how to manage their money once they are adults. But if they are not exposed, they are oblivious to the problems that their family may be facing.
According to ABC News, “Nearly six in ten teenagers are worried that the country’s economic problems may hurt their own families and that their parents have cut back on things like clothes, gifts, or family travel.”
As teens become just as worried as their parents, an economic change is a necessity. If the economy does not get better, teens will have problems getting loans for college, paying off their loans, and living their everyday lives.
Some students during or at the end of their high school career go without their daily needs. After leaving home, some teens do not have money for basic necessities. And with the lack of jobs available for teens, they cannot support themselves.
In an interview with high school student Lily M, said how the economy has changed her life.
“Economy’s decline seems to have affected people from every walk of life except for desperate teens. We are in need of jobs that offer some sort of salary, even if it isn’t all that high. We are constantly searching for a way to make money…. Still, I can see, even at my age that it’s taking a toll on our parents and on the world around us. Prices skyrocket and unemployment follows. What do we do and where does it end?”