Remarkable Facts About Teens and Money
Being the parent of a teen is very expensive. The marketing departments of the big (and expensive) brands know exactly how to target this impressionable age group. Adolescents want an endless supply of cash so that they can keep up with their peers and it is the parents who end up picking up the tab.
Youth marketing is a lucrative area because this is the age at which they are developing brand loyalty. Teens are generally open to persuasion and can act as a portal through which the brand can get at the whole family. So, what is the truth about teens and how much they cost you?
Do teens cost more than pre-schoolers?
The answer to this may surprise you! Think back to those early days when you kid was tiny and all you had to pay out was the cost of a pack of diapers and some baby food. Then, over the next 13 years, things began to change.
The facts are that a teen costs less than a 4-year-old! This is because so many families pay such high fees for daycare so that both parents can work. To be fair to teens, at least you don’t have to pay someone to look after them!
Holidays are a different matter altogether. These get very expensive when you have teen kids. The era of free child places is a thing of the part for you. The majority of holiday companies treat kids over 11 as adults. This leaves you with a bill for the full price.
The annual family holiday is unlikely to be enough for them. They will have a holiday planned with their friends, even though they may not have told you about it yet! There will also be school trips and days out to pay for.
Teens need expensive gadgets, such as smartphones, and many want to learn to drive. This involves the cost of lessons, and for some families, purchasing an additional car so that their teen can use it.
What can you do about it?
You can start by setting a good example and consolidating your own finances. Look into structured settlements as a way of rationalizing what you owe and setting a monthly budget. Discuss this with your teen so they can see that you are not being mean. Agree to a fair monthly allowance for them. It is up to them if they want to blow the lot each month or save up for an expensive item.
Encourage them to get their own job. Nothing teaches you the value of money quite like having to earn it yourself. There will be plenty of employment opportunities in your neighborhood and online.
Teach your teen about how the world of advertising works. If they understand that they are being influenced they may not wish to play along and many will rebel against the consumerist system. At the very least, you have a responsibility to equip them with the skills to become discerning consumers and bargain hunters!
