Troubled Economy Forces Teens to Deal with Less Money and Jobs

Teens are losing their jobs to slowdowns in the economy, which is also forcing parents to give less for allowance. All in all spelling out a hard times for teen related stores like Abercrombie & Fitch, Hollister and Old Navy. Job loss for teens are at their worse in the last decade, we blogged about that here. According to data from the Bureau of Labor Statistics, October’s statistics said 19.3 percent of 16- to 19-year-olds who wanted jobs couldn't find them. That's up from 14.7 percent last October and 12.4 percent in 2000.

College students coming home who work during the holidays for next semesters spending money may have to cut down on Friday night pizzas, but of course still need to buy the essentials like shampoo.

While a troubled economy is never good, it does offer parents an opportunity to teach our teens more about money and how to manage it in times where there is less. The difference between labels and generic products, how to bargain shop, how to deal with the marketing of things they just ‘have to have’ and how to save money.

My oldest waitresses at a local eatery and last night she went to work. She had one table the whole night. While we have been saying that money is tight all over for a month, she got to see it first hand on her own. “I need to be careful with my money” is now firmly implanted in her head.

What has been your teen’s experiences with his/her job recently? Your experiences with allowances? Share in our comments area.