As she walks, a dollar bill falls out of her pocket. He watches as it floats to the pavement. Will he pick it up?
I know I might have, especially before I got a job. From the time I began eating lunch out with my friends at 11 or 12 years old, my parents and I agreed that I would pay for the majority of my outings with my own money. This experience has undoubtedly been advantageous to me, teaching me about the value of money, how to save and how to prioritize what I wanted to spend my money on.
The research agrees. A BYU study published in 2022 asserts that children who have “hands-on experience” managing money from a young age are more likely to be fiscally responsible adults. In addition, the study found that such children have “higher financial self-efficacy” which is closely linked with high self-satisfaction and lower levels of depression and anxiety.
As children transition into their teenage and young adult years, some may consider getting a job. Yet, according to the Foundation for Government Accountability, an organization that partners with lawmakers to create political reform throughout the U.S., only 37% of teenagers were employed in 2023. In 1979, that number was 58%. As someone with a job, this decline concerns me. Having a part-time job in high school is an experience every student should have if they can. That is because teenagers learn skills such as time management, customer service, professionalism and financial management. Many even open bank accounts and get their first credit or debit cards.
For Faith Schaffer (12), who works at Crust Pizzeria, this was also the case.
“I definitely check my bank account way more than I used to,” Schaffer said. “I have my own bank account now, which is nice — it’s not just my parent’s credit card. I check my account more frequently, I check how much I’m spending a week, I limit myself. I mostly just spend my money on food now … not unnecessary things.”
In addition, Schaffer’s job has taught her about saving. She said that she saves “more than [she spends],” putting away about $100 from each paycheck. According to Chase Bank, learning to save and budget appropriately is one of many benefits of teenage employment.
Considering these immediate benefits, the decline in young people in the workforce is worrying. The advantages of earning one’s own money are tangible and can set a person ahead in life. Any opportunity to get a job in high school should be taken.
Looking into the future, having a job is a resume-building opportunity for young people. One’s first job can be a stepping stone to others. In particular, a young person employed at an early age is more likely to have a higher-paying job in the future, according to an article by UNC’s School of Medicine. Additionally, being a part of the local workforce can build a connection between young people and their community. They learn about opportunities in their area, while community members recognize the talents of their youth. These rewards are long-lasting.
Many parents restrict their children from working during the school year, believing it is too much for a high schooler to manage both academics and a job. While this may be true for some, it certainly is not the case for everyone. Regardless, over summer vacation, every student should take the opportunity to work, even if only for a few months, to gain an understanding of work ethic and financial responsibility.
As finances are such an integral part of life, particularly as high schoolers begin their path to college and financial independence, having part-time employment can help bridge the gap and gradually educate teenagers before they desperately need fiscal knowledge. More than that, parents should begin teaching their children about money management early on. The research says it all: young people who understand finances will be more fiscally confident as they enter adulthood. Who would not want that?
So, in the meantime, pick up that dollar that floated to the pavement. Count your pennies, save your dollars. Teenagers with jobs certainly will be.
