Teen Consumers Need to Learn About Money Management and Protection

Teens are prime targets for marketers. Today's marketers are targeting preteens, teens, and especially skippies -- school kids with money to spend. According to "Targeting Teen Consumers," an article on the Newspaper Association of America Web site, teens spent $158 BILLION dollars in 2005.

And 46% of teens (ages 12-17) plan to spend more money next year.

No wonder marketers are targeting teens.

We are not preparing teens the real world if we do not teach them to manage money. How do kids earn money? How do they spend it? The National Consumers League says 62% of teens earn money from part-time, summer time, and neighborhood jobs like babysitting. Fifty-five percent of teens work mainly for spending money and 36% are saving for something they want to buy.

Parents need to teach teens the difference difference between want and need. Your teens may want the latest jeans, but do they really need them? Fads come and go and, if you can convince teens to wait a while, the obsession with a fad may wane. Not all teens are spenders, however. The National Consumers League says 22% of teens are saving for college. Twenty-seven percent of teens are saving for no particular reason.

Teen habits are shifting and many are looking for value. "Cheap has become the new thrifty and savvy," notes the Newspaper Association of America. Still, teens need to know the basics of money management, the day to day things adults may overlook.

Margery D. Rosen lists the basics in her article, "Basic Training," published in the April 2007 issue of "Family Circle." Her list includes making a budget, using an ATM machine, getting/using a checking account, using a credit card responsibly, saving for a specific item, giving to charity, and tracking financial documents.

Rosen did not include protecting teens from identity theft. Identity theft has become rampant and more teens -- even elementary kids -- are victims of it. The Better Business Bureau lists some self-protection steps on its Web site. Some of the tips:

* Do not carry your Social Security card in your wallet.

* Schools often ask for a Social Security number to participate in athletics. Do not provide this number unless it is well protected.

* Do not use your Social Security number for identification on a driver's license application.

* Never give financial information to telemarketers, emails from strangers, Web sites or blogs.

* Only carry the credit card(s) and check blank(s) you need.

* When you go to a party leave your credit card(s) and checkbook at home.

Learning to manage money while your kids are teens will help them to be responsible money managers when they are adults.

Copyright 2007 by Harriet Hodgson

http://www.harriethodgson.com

Harriet Hodgson has been a freelance nonfiction writer for 28 years. She is a member of the Asssociation of Health Care Journalists and the Association for Death Education and Counseling. Her 24th book, "Smiling Through Your Tears: Anticipating Grief," written with Lois Krahn, MD, is available from http://www.amazon.com. A five-star review of the book is posted on Amazon. You will find other reviews on the American Hospice Foundation ("School Corner" heading) and the Health Ministres Association Web sites.

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