Teens talk about tough economic issues

04.08.09
By Miriam Lamey

Perhaps talk of the unstable economy has shifted to your own family dinner table as an increasing number of teens are approaching family members with questions and concerns about the economy or personal monetary issues.

According to a new poll of 1,000 teens between the ages of 15 and 17 conducted by Junior Achievement and the Allstate Foundation, 49 percent of respondents do discuss the state of the economy with their families, indicating such conversations with young adults are useful.

Some teens are also expected to help out financially at home. Fourteen percent "need" to help out with general family finances, the poll reports.

This may put teens under more pressure, but this is also a chance for them to learn about personal finances. Junior Achievement President Jack E. Kowalski believes that "possessing and using sound money management skills can help young people feel more in control of their futures," indicating, that there is "a strong need for increased financial literacy" amongst 15 to 17-year-olds.

At the same time, teenagers are facing more of their own economic challenges, the poll reveals. Eighteen percent of respondents have already lost a job due to the poor economy. Over one quarter of teens responded that the economy makes them anxious.

Furthermore, teens are having the same job hunting struggles as their parents. According to 33 percent of respondents, there seem to be fewer jobs available.

Kowalski feels that such figures show that "teens are experiencing feelings of uncertainty and anxiety about the economy and its effect on their lives." Programs such as JA Economics for Success aim to dispel such "anxiety" by teaching slightly younger, middle-school-aged children how to create budgets and understand credit.

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Economic issues and money woes affecting teens, too