News, Advice, and Tips for Parenting Teenagers

When Beth Harpazs son told her he was spending Black Friday at the mall, she launched into a lecture about materialism and the "consumer mentality." Harpaz, a writer with the Associated Press, reflected on her son's choice -- and her response -- in a Dec. 7 article:

How did my kid get caught up in this mentality? Sure, once in a while, we do a big shopping trip, but generally there is a reason -- a special occasion, start of school, kids outgrew something, clothes look worn or dated. I set a budget, use coupons and make both my teenage son and his younger brother earn and spend their own money on things I object to paying for.

Yet somehow I ended up with a mall rat on Black Friday.

Confused about whether my reaction was appropriate, I asked Jennifer Leigh, an adviser for mothers and teenage girls, for her thoughts. Leigh has a Web site, ParentingTeenGirls.com, and is the author of several books for parents and teenagers, including "True Listening" and "The Secrets Guys Wish You Knew About Love."

"You stated your piece, stated your mind, and then you let him go," she said. "I think that was a good approach. When parents try and force their own ideals down their children's throats, their children end up choking on their parents' dogma."

Labels: finance, parental influence, communication, money

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There may not be many benefits to our current economic climate, but there is at least one: Parents now have an excellent opportunity to talk to their kids about money and finances -- a discussion that can go far beyond the traditional "money doesn't grow on trees" lecture:

The first step in educating your teenagers about finances is to create an open and honest relationship when it comes to money. Sit down and explain the importance of money management and ask them what steps they think they should take to get their finances in order. Discuss any questions or problems they have. Once trust is established, it leaves the door open for effective learning. -- Source: WJLA-TV (Arlington, VA)

Help your teens set a budget and open a checking account. Teach them the importance of accurately managing his checkbook, and show them how to do it. If there is an educational seminar or workshop aimed at younger people, encourage your children to go, or better yet, go with them.

Laying the foundation now will help teenagers avoid some of the most common, and most costly, financial mistakes later in life. Equipping teens with a financial education will increase the likelihood that they will be able to resist the potentially debilitating effects of economic stress on young people.

Labels: parenting tips, money

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This fall, college campuses across the nation will be populated with bleary-eyed freshmen trying to take it all in. Awaiting them will be class professors, dormitory roommates, and credit card offers.

"Advise your college freshman not to fill out any application impulsively, and without understanding the fine print. If you don't want your college student to have a credit card just yet, put your foot down. Remind him that if he does anyway, you will not bail him out if he gets into debt."

If your teenager is adamant about getting a credit card, have him get one before he goes to college. Stop by the local bank and ask for a no-fee, low-limit card that will prevent him from overspending. Source: The Porterville Recorder

Read Money and Teens: Fiscal Responsibility for more information.

Labels: money, college, students

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Though difficult, the current economic downturn has its bright spots. One of them is that teens are learning to live more frugally.

"Facing the likelihood of paying $4 to $5 for a gallon of gas this summer and fewer employment opportunities, teenagers are curbing their propensity to buy $100 jeans and $60 shirts in favor of bargains, with the Associated Press recently reporting that secondhand clothing chains have experienced booming business among teens and their parents looking to buy brand names for less while 'stalwart retailers of teen apparel' have taken a hit."

This is a great time for parents to have conversations with their teens about money and budgeting, helping them see the value in finding great deals and living modestly. Source: Snohomish County Business Journal

Labels: responsibility, money

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High school students do not understand how to handle basic money issues, such as calculating APRs or investing for the highest returns. Fewer than half of high school students who took a financial literacy test from the JumpStart Coalition on Financial Literacy passed it. This was the lowest result in six years of testing.

Bernard Bernanke, chairman of the Federal Reserve, commented on the results, saying "the financial preparedness of our nation's youth is essential to their well-being and of vital important to our economic future."

College prep boarding schools might be better equipped to teach teens about money and finances, which will only make them better prepared for the future. Find a college prep boarding school at BoardingSchoolsInfo.com.

Labels: education, responsibility, money

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Lamont Jackson had to buy life insurance and health insurance - with a $78 budget. Brendan Settles had to sell his car to get the money he needed to take care of his children. These were some of the imaginary scenarios faced by students at Manassas Park High School who participated in the third annual "Making It Real" program.

"Sponsored by Synergy One Federal Credit Union, the three-hour event gave students a sometimes painful view into what it takes to live, work and play in Prince William County. Each student was given a job with a corresponding salary and all but two had children, which were designated by blue or pink beads."

Many of the students were shocked to learn how much things really cost and how hard it can be to make ends meet. Some students had to return nonessential items like big-screen televisions that put them over budget. Source: Inside NoVa

Labels: responsibility, money

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Call it the teen recession.

Teen spending on clothes is down by more than 12% this year, and experts believe it will fall further. Teens spend over 40% of their money on fashion, according to the15th semi-annual "Taking Stock with Teens" survey.

Teens represent a huge chunk of the American economy, spending $1.65 trillion over the past ten years. The average person in the 12- to 17-year-old age group spends $70 a week, down from $83 last year.

Labels: teenagers, teen_culture, money

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Teens may have a tough time finding summer jobs this year. In a survey of 1,100 companies by SnagAJob.com, almost half of managers said they would not be hiring seasonal workers this year.

"We could be headed for a historic low in the teen employment rate this summer," said Joseph McLaughlin, spokesperson for the Center for Labor Market Studies at Northeastern University. He pointed out that because of an economic downturn, more adults will be taking jobs traditionally held by teens.

"The summer 2008 job outlook for teens looks particularly bleak," he said.

The overall number of teens with summer jobs has been declining for years, partly because parents in all socioeconomic groups are increasingly encouraging their children to participate in academic and extracurricular pursuits to improve their resumes for college. Last year the number of college applicants was at an all-time record high.

Labels: money, summer, jobs

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Thirty percent of today's teens are already in debt and a majority believes that credit cards are easier to use than cash, according to a new study from the Charles Schwab brokerage house.

Schwab conducted a survey of American teens and found that the majority have casual attitudes toward using credit cards. In addition, seventy percent reported that their parents or guardians were not concerned with teaching them about smart money management.

Some studies have demonstrated that using credit cards increases the amount of money spent at any given time. For example, McDonalds found that adults spend 47% more in their restaurants if they use credit cards instead of cash.

Labels: attitudes, responsibility, money

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Materialism in teenagers is linked to lower levels of self-esteem in teenagers, according to research form the University of Minnesota.

Professor Deborah John from the Carlson School of Management found that materialism increases in middle childhood and early adolescence (ages 8 to 13 years) and decreases by the end of high school. This mirrors patterns of self-esteem.

"The level of materialism in teens is directly driven by self-esteem," she wrote. "Self-esteem drops as children enter adolescence, when materialism peaks. By late adolescence when self-esteem rebounds, materialism drops too."

This study appears in the Journal of Consumer Research.

Labels: influences, money, self-esteem

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Marketing firms spend millions of dollars every year pushing products of every kind to pre-teens and teenagers. And, as materialism continues to increase in kids, the marketing appears to be working. But are the ad agencies really to blame?

"In her recent paper 'Growing Up in a Material World...' in the December 2007 issue of the Journal of Consumer Research, [Deborah Roedder] John and co-author Lan Nguyen Chaplin... report the results of two studies conducted with children in three age groups. In the first study, they found that materialism increases from middle childhood (8 and 9 years old) to early adolescence (12 and 13 years old) but then declines by the end of high school (16 to 18 years old). This mirrors patterns in self-esteem, which instead decreases in early adolescence but increases in late adolescence."

The results from this and a second study conducted by John and Chaplin both indicate that materialism in young people is directly tied to their self esteem. The more confident they are, the less materialistic. The results give a clear indication for parents that more emphasis should be placed on helping kids developing a healthy self-esteem and less on helping them develop their wardrobe.

Labels: influences, money, peer_pressure

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Parenting is never easy. Parenting alone can be especially difficult. Though there can be some benefits to being a single parent ("my house, my rules" - for example) there are a number of challenges as well, not the least of which revolve around money.

"Everyone should follow a budget, agrees Erika Penner, a financial planner in Richmond, B.C. Single parents can especially benefit, she says, since there's generally less money coming in and fewer tax-planning opportunities than for couples."

If possible, come to an agreement with your ex regarding how the children will be disciplined. Consistency, even in discipline, will give kids a greater sense of stability and security and keep them from trying to pit one parent against another.

Military boarding schools aren't always the best option for troubled teens. Learn more at MilitarySchoolAlterantives.com.

Labels: responsibility, money, single_parent

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Karen is the mom of two teenage boys, and she struggles with finding the right balance between providing for her boys and spoiling them. She believes they need to experience the rewards that come from hard work.

"So when GD mentioned that he would like to get the new Metroid Prime game for the Wii, I said fine. How are you going to earn the money to buy it?... GD talked it over with his boss (i.e. his dad.) The hubs was no longer his father in this case, but was his boss. And if GD wanted to earn enough money to buy the game, he would have to do something in return. The hubs, er, the boss, told him that he could paint our shed for a set amount of money."

The shed painting didn't go well at first and Karen's son almost gave up. It was a hard lesson, for her son and for her, but one that's necessary for kids to truly thrive once they're out in the "real world."

Mount Bachelor Academy is a private high school in Central Oregon that offers an emotional growth program as part of their curriculum.

Labels: working, responsibility, money

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When a new teen driver gets added to his parents' insurance, the insurance often increases dramatically. In an effort to keep costs down, and keep kids safe, several companies and organizations have developed systems for monitoring teen drivers.

"Rookie tags: The mother-and-son team of Corinne and Austin Fortenbacher of Spring Lake, Mich., has developed a line of magnets and removable vinyl stickers starting at about $7 that identify novice teen drivers and promote safe habits."

Other companies have developed GPS tracking systems, or "how's my driving?"-type bumper stickers. None of these is guaranteed to reduce insurance premiums directly, but they can keep a teen's driving record clear, which will at least keep insurance premiums steady. Read more online.

Some of the best boarding schools can be found throughout the US. Find the best school for your child at BoardingSchoolsInfo.com.

Labels: driving, money

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Text messaging has become as common as a phone call for today's teens. Many send text messages to their friends when their in the same house, or even sitting right next to each other. For some parents, the costs of text messages are getting out of control.

"'If parents can't control the amount of text-messaging their child is doing, they should use a wireless plan that offers unlimited texting for one set price, '[Heather McLaughlin] says. 'Another solution, that I don't think is being used, would be for wireless companies to offer parental control that could set the hours in a day their child can send and receive text messages.'"

Another alternative for parents to consider is having the child pay any extra fees incurred by excessive text messaging. It would give the parent a great opportunity for talking about finances and the fact that privileges like cell phones don't come for free. Read more NashuaTelegraph.com.

Outdoor education programs help teens unplug and get back to basics. Visit Wilderness-Programs-Info.com for more information.

Labels: money, cell_phones, text_messaging

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Many teenagers will give excuses as to why they can't or shouldn't work during the summer. Some say they need the "down time", a chance to relax after the rigors of school. And while some relaxation is good and necessary, a completely sedentary summer is not mentally or physically healthy. Instead, encourage your teen to get at least a part-time summer job.

"...make clear to them that doing nothing all summer is not an option... Most parents don't realize that just taking a firm stand has a strong influence on their teenager. And most teenagers don't actually dislike the idea of getting a job."

Teens want to have that extra spending money, and most are much more responsible than we give them credit for being. Spend time helping your teen find work. Don't do everything for him; he needs to make an effort on his own. But many teens dont know where to start and will need some guidance. Read more at TheGlobeandMail.com.

Think your teen may make a great summer camp counselor? Find a list of summer camp jobs at SummerCampsInfo.com.

Labels: money, summer, jobs

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A new study by the Teens4Hire organization indicates that teens may have a problem getting summer jobs this year.

Spokespeople for businesses who participated in the poll said that they are not hiring teens at all. Teens face competition from workers over age 55 years, college students home for the summer, immigrants and recent college graduates unable to find jobs in their majors.

According to the U.S. Census Bureau, the summer employment rate for teens has been dropping over the past few years. For example, in 2000 the rate was 45.2%; however, in 2004, it was 36.4%.

Labels: money, summer, jobs

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Most teenagers take on summer jobs so they've got some spending money. Others work year-round so they can both spend and save. If you teach your teenager how to manage money, he can develop good habits now that will benefit him for the rest of his life.

"Have them take the very first paycheck and... blow it... Here's why I suggest having them spend it: They get to experience the benefits of hard work and have some fun. After the first paycheck, here's how to handle every other paycheck, for the rest of their lives. I call this the 10 by 4 solution. With each and every paycheck, take 10 percent and put it in four different places."

Have them save, give away, pay off debt, and save for something specific with 10 percent of every paycheck. The remaining 60 percent can be used to pay off bills, spend going out with friends or going shopping for the latest fashion trends. Read more at ParentingIdeas.org.

Labels: working, responsibility, money

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The state of Washington discovered in a recent study that nearly 70 percent of its teenagers gambled in 1999, and those numbers have been increasing. The continual rise in popularity of the Internet, combined with events like Celebrity Poker, is drawing more and more young people into this potentially addictive pastime.

"[Christine] Sogn, a veteran substance-abuse counselor, recalled one teenager who stole $2,000 from his parents, then blew it at a nearby casino. His problem began when he started playing Texas Hold 'Em while still in middle school, according to Sogn."

While most teens don't do things that extreme, many spend excessive amounts of time at online gambling sites. And many parents and teachers are reluctant to talk about it because seems like a "safe" thing to do compared with drug and alcohol issues. Though the danger may not be immediate, it could lay the foundation for gambling problems later in life. Read more at SeattlePi.com.

Labels: money, addictions, gambling

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High school counselors say that teenagers should begin preparing for college life, or just life after high school, as early as possible. In addition to applying to college and filling out financial aid forms, teens should learn how to do laundry, manage their money, and do things like make their own doctor appointments.

"Susan Verduin, in the Dean of Students office at Northern Michigan University, has some more tips on how to get ready for campus life... "One of the biggest things is, they need to learn how to budget money," Verduin said. "They should sit down either with their parents or high school counselor and work out a budget as early as the last semester of high school." She added that getting a planner and taking control of time management is very important. When living on campus, she said, no one will let students know when to get up or when to study."

Other tips include becoming a better reader and learning how to handle car maintenance. Read more from the Marquette Mining Journal.

Labels: money, college, independence

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For many of us, the phrase “Money doesn’t grow on trees” was the only financial education we got from our parents. We weren’t taught how to live within our means, balance a checkbook, create a budget or save money. Parenting author Stacy DeBroff hopes we’ll do better by our kids.

“’There’s this immediate gratification: “I really, really want this great pair of jeans,” not “I can’t afford this pair of jeans,”’ she explains. This disconnect from the need to budget sets teens up for a shock when they leave home. Suddenly they face the harsh reality of paying bills for rent, food and often tuition at a post-secondary school.” [Source: Canwest News Service (Canada)]

To make it worse, college is often where kids get their first credit cards, making it easier for them satisfy those instant gratification urges, and saddling them with debt that could take them years to pay off.

Some parents may rely on school to educate their kids, but financial responsibility isn’t taught in most schools. Instead, parents need to take an active role, making sure their kids are prepared for the real world – where nearly everything has a price tag.

 

Labels: finance, parental influence, money

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