I work with teens in therapy groups. Often, we discuss the importance of discovering your interests and exploring what type of career you might envision for yourself. While some of the teens in the groups understand the value of working toward career training, many teens have trouble envisioning what they want to do with their lives. In addition, they don’t always have a sense of what their parents currently pay for and what they’re going to have to pay for when they become adults.
Invariably, I hear from teens, “Why should I stay in school and keep working at classes I don’t care about when I could start working and making money right now?” These teens look to entry-level jobs and say, “I could make a lot of money right now.” They then talk about all the money they could make at a fast-food restaurant or other retail establishment. They add up the hourly wages, often without realizing that taxes are taken out, and think they’ll be able to support themselves. Unfortunately, most of the time, these kids have an unrealistic view of all the financial responsibilities that go into creating financial stability.
To a teenager, minimum wage may sound like a lot of money when they have everything in their lives paid for by their parents. However, when the reality of actual financial costs for home, food, utilities, etc. are discussed, suddenly their eyes widen and they begin to realize that perhaps they’ve been viewing their financial futures through rose-colored glasses.
The Importance of Conversation
The truth is, often teens are not at fault for their ignorance about finances and what it’s going to take to support themselves. Many parents never have discussions about money with their teens. It might be a cultural issue, or perhaps parents want to shield their children from worrying about any financial difficulties they may be having. The bottom line is, often teenagers don’t have an understanding of what it takes to support themselves in society.
This can be a huge disadvantage for teens who may not have the whole picture of what it takes to have adult financial responsibilities. As a result, they may not see why it’s important for them to gain skill sets that can help them acquire a good salary or have an understanding of how to manage their own business. Having this understanding can help them make choices that can lead to a much higher standard of living and create the lifestyle they want to have in their lives. It can also shift the way they think about education and the importance of preparing themselves to have a marketable expertise that is valued in society.
Early Awareness
When I was eight years old, I heard my parents discussing their finances. We were quite poor, and they were talking about not having enough money to pay our rent the next month. As I listened, I became scared and concerned, since at eight years old all I could think of was that if they weren’t able to get enough money, we might have to live on the street. Fortunately, we were able to stay in our apartment as my grandparents came to the rescue and helped with our rent, yet that concern and fear stuck with me. I made a conscious decision at that young age that I wasn’t going to live worrying about paying the rent each month. By doing so, I was always aware of the importance of having enough money to not live in financial desperation as I became an adult. That doesn’t mean I did not have lean times; it just meant I was highly motivated to find ways to live that would give me financial stability.
While my parents never intended for me to become scared about finances at such a young age, in many ways, it was a huge favor. It made me aware of the importance of self-sufficiency and being able to fend for myself. Many children and teens never get that lesson. As a result, many teens don’t see the importance of developing marketable skills that can help them earn a decent living.
Finding Expertise
I understand that college may not be for everyone. Yet, whether someone goes to college or goes to a training school to develop some other expertise, it’s important that people develop at least one specialized skill set they can rely on. Whether it’s becoming a lawyer or a certified mechanic, having that expertise can set them apart from people who are unskilled. This, in turn, helps them earn more money based on that expertise.
The answer can be as simple as talking with your children about finances. A child who understands the importance of getting a college degree or finishing a trade school can help them see the value of their schoolwork right now. Teens who don’t value school may just not have been told what the value is for them in the future. All parents can have discussions about the importance of financial stability. They can talk to their children about their own past and what they’ve done to manage their own lives. By doing so, parents can provide a great service to their children by letting them know the realities of the society they live in and the costs involved. Without that awareness, children are at a disadvantage by not understanding the correlation between the education they are receiving and the future compensation that their education can provide for them.
