When Teens Work

Physician's Money Digest, January31 2004, Volume 11, Issue 2

While physician-parents may be encouragedto learn that 75% of teenagersplan to work this year, saving for collegecame in a discouraging fourth on thelist of things they plan to do with theirmoney, according to a recent HarrisInteractive Poll. More than half of theteenage workers plan to spend theirwages on entertainment, 50% say itwill go for clothes, and 41% are savingto buy a car. In contrast, only abouta third are saving for college, whileanother 16% plan to invest their earnings.To help your teenager figure outthe world of savings and investments,send them to the Junior Achievementpersonal finance Web site (www.personalfinance.ja.org). Created with thesupport of the Goldman Sachs Foundation,the site offers teens an introductionto some basic financial concepts.