I don't know about you, but I certainly was not sophisticated enough as a teen for things like Louis Vuitton and Starbucks to even be part of my vocabulary let alone, part of my spending. For starters, you need to spend your money on any money responsibilities your parents have given you. Money responsibilities and expenses a teen might have :.
Next up, your teen should spend their money on a mixture of a things that make them happy, and b things that will contribute towards their future. Remember to teach your teen that they will not be a teenager forever.
Other things that they could spend money on now that could help them in the not-too-distant-future:. I mean…just think about how much saving up their money to spend on things like that could make a difference to their life in your 20s compared to spending that same money on something like each new video game that comes out?
Around half say that shopping second-hand allows their money to go further, and about a quarter believe purchasing items in this way is more sustainable. The report shows that many teens are big fans of saving, with 81 per cent revealing that they put away some money every month.
However, more than half have never saved for longer than six months at a time. How do you manage your pocket money - are you a spender or a saver? Let us know in the comments below! Pocket money: Should you get it for keeping your bedroom tidy? Kids' lives and pocket money hit by Greek money problems.
These comments are now closed. Should MPs be allowed to do another job? How Christmas can still sparkle with plastic-free glitter. Meet the year-old world record breaking sprinter! Home Menu. Getty Images. Do all young people spend the same? In the U. In the past, teenagers were a market advertisers largely ignored. These days, things have changed quite a bit. Marketing firms have realized brand loyalty starts at a young age and is often carried to adulthood. Researchers have also found teenagers have money, and they want to spend it, but they expect to work hard for that money, so they will be pickier about the brands and products they buy.
Teenagers are some of the biggest spenders, especially when it comes to clothing , gadgets, and entertainment. There are approximately Even though teens might not spend every dollar they receive from jobs, allowances, or from their parents the amount of money they have to spend is significant.
The 34th semiannual Taking Stock with Teens survey by Piper Jaffray examines the spending habits of around 6, teens with the average age of Each year their findings capture trends and shifts in cultural values giving parents and marketing professionals all the information they need to understand the spending power of this group. Current trends show teens and their parents are spending a little less than in previous years. Today's teens are money savvy and don't generally blow all their money on goods and experiences.
About 50 percent of teens in the TD Ameritrade survey page nine say they've started saving money and around 40 percent have a budget for their finances.
While about one-third of teens are saving up for clothes, technology devices, and cars almost half of them are putting money away for their education. Almost half of all teens name Amazon as their favorite website and about one in five prefer online shopping. That's not to say tons of teens aren't still shopping in brick and mortar stores. But, in their social and mobile world teens love the ability to purchase things they see on social media in a quick and easy manner.
Food items account for nearly 25 percent of all teen spending, making it their biggest spending category. Starbucks remains a favorite eatery, but Chick-fil-A and McDonald's aren't far behind.
Two things are clear from this data, teens love food, and they prefer to get it quickly. Spending time online or watching TV and movies are the top free-time activities named by teens. An IBM and National Retail Federation report indicates about 50 percent of teens spend their money apps and electronic goods.
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