Money and Teens: Fiscal Responsibility
The Parents' Guide to Teens' Online World
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By Jacqueline Bodnar
Today's youth are bombarded with an abundance of devices and distractions that didn't exist when prior generations were growing up. For example, many teens have their own computers, iPods, cell phones, and televisions.
The question many parents are asking themselves is this: Are young people who have all of these things spoiled, or is this simply a new standard for the children of the information age? According to the experts, it could be a little of both.
A Cost Beyond Money
While there are increasingly more high-ticket items available to teens, there are also more parents than ever before who are willing to pull out the credit cards and go into debt in an effort to fund their children's electronic lifestyles.
In fact, according to a feature on the Business Week website, parents seem to be more likely to charge items on their credit card for their children than for themselves. And whether the objects of their children's desires are expensive clothes or high-priced gaming systems, parents who give in to pressure to keep up with the youthful Joneses could be causing problems in the long run.
When teens are spoiled and given all the expensive gadgets that they ask for, they are being set up with a false sense of reality. As mom and dad know, the world isn't always an indulgent place - most people don't always get what they want, and teens may not realize that someone has to log a lot of hours in the office to pay for such items.
Parents who routinely give in to their children's demands and purchase whatever goods they ask for can lead their teens into taking these gifts for granted and not actually appreciating what went into them getting the new item.
Getting Back on Track
So, what can parents do to try to curb such behavior? Experts recommend they start by being realistic and setting limits as to what the family will spend. Many teens are wearing more expensive clothing than their parents, or spending more on electronics than other family members. When parents discuss the budget with their children, they help them become more aware of how the family's money is being spent.
It's also a good idea to have the teens earn the money themselves to purchase the extra gadgets they feel they can't live without. When they take an active role in saving the money to purchase a new game or electronic device, for example, they are more likely to appreciate the item and understand its true value.
Experts also advise parents to do some self-evaluation to get a better understanding of why they are continuously giving in and buying things for their teens that they don't feel they need or that they can't actually afford.
Some moms may feel guilty for working outside the home, while other parents may feel they don't want to upset their child by saying no. Examining the reasons for giving in to kids and routinely making such purchases will help parents find solutions to their budget-related problems.
Whatever their approach, parents should make a concerted effort to stick to their guns when they have established a financial plan. The sooner their kids learn that Christmas doesn't occur every day, the better off the whole family will be.