Survey: Teens Feeling Economic Pinch

Jim Liebelt | Senior Writer, Editor and Researcher for the HomeWord Center for Youth and Family at Azusa Pacific University | Monday, April 13, 2009

Survey: Teens Feeling Economic Pinch

Teens are feeling the impact of the economic crisis in a big way. Some 53 percent say they’re choosing activities that cost less money, 50 percent say they talk about the economy with their friends, and 14 percent of kids ages 15 to 17 say they contribute money to their family budget, according to a new survey by Junior Achievement, which has kept a financial pulse on U.S. teens for the last decade.

The results of the 2009 Teens and Personal Finance poll—sponsored by Junior Achievement—demonstrate a strong need to teach kids about financial literacy. “Teens are indicating feelings of uncertainty and anxiety about the economy and its effect on their lives,” says Jack Kosakowski, president of Junior Achievement USA, a nonprofit organization dedicated to educating kids about workforce readiness. “Possessing and using sound money management skills can help young people feel more in control of their futures.”

The survey, conducted in partnership with the Allstate Foundation, an independent charitable organization funded by contributions from subsidiaries of the Allstate Corp, also found that 33 percent of teens said there seemed to be fewer jobs available, 29 percent said the economy was causing them anxiety, 18 percent say they’ve lost a job due to the economy, and 15 percent said they’ve reduced extracurricular activities as a result of the economy.

When it comes the impact at home, 77 percent say their parents talk about the economy more than they used to, with close to 50 percent saying that their parents had discussed family finances with them as a result of the downturn.

Source: School Library Journal