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Back
to Education Center Index Summer
job outlook for teens looks bleak
NEW YORK (4/16/08)--It's
likely there won't be nearly as many "help wanted" signs, and that's
bad news for teens looking for part-time work this summer (MSNBC.com
March 24).The recent economic downturn is the culprit. In a survey
of 1,100 companies released in late March by SnagAJob.com,
a job site for hourly positions, nearly half of hiring managers
said they don't have plans to hire seasonal workers this year. And
teens are in for a particularly tough time given the increasing
number of older workers and immigrants applying for jobs in the
retail and food services industries. Good advice for teens who want
to gain experience in a specific field: Don't wait until the last
minute to send out applications. For teens who are successful
in landing a job, Lin Standke, manager of youth programs at the
Credit Union National Association advises parents to take advantage
of the teachable moment and instill valuable lessons that help establish
a good money management foundation:
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Learn
the value of a dollar.
Once a teen earns a paycheck, she's less likely to take money
for granted. Those $100 sneakers take on new meaning when she
realizes she has to work 17 hours--at minimum wage--to pay for
it. Show her those "wants" come with a higher price tag.
-
Take
on responsibility.
Learning to handle a job--as well as a paycheck--leads to increased
self-confidence.
-
Decide
who pays for what. Discuss what the teen is expected
to pay for out of earnings, and what you--the parent--will pay
for. For example, if you pay for car insurance, you might require
your teen to pay for gasoline.
-
Develop
a work ethic. The earlier a child starts to gain
experience and get to the job on time as scheduled, the more
natural it becomes, instilling a good work ethic for life.
-
Live
within one's means. Learning to spend less than
you earn--as well as the value of saving a portion of each paycheck--are
two of the best money-management lessons for any child or young
adult.
Helping teens
become financially literate is critical in any economic environment,
but it's particularly important given last week's disappointing
financial literacy survey results released by the Federal Reserve.
High school seniors scored a failing grade in the survey, correctly
answering only 48.3% of questions about personal finance and economics.
These results show that the nation's teens need to beef up their
money skills sooner, rather than later, so they can compete in today's
tough economic climate.
Related
Links
Invest in Your
Child's Future - Open a Youth Account
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