Most teens told about dwindling finances

Nearly 75% of teenagers say their parents have spoken to them about the families’ dwindling finances in the past year.

And nine out of 10 teenagers believe their family has been affected by the recession — with 44% saying their family has been seriously affected by the recession.

The results form part of a survey undertaken by the Irish League of Credit Unions (ILCU) and Youth Work Ireland to examine teen’s attitudes to finances. It also showed 90% of the teens wanted to go on to third-level education but 80% of them worried about the costs associated with it.

More than half of those questioned receive pocket money with one third receiving the average sum of €10-€14 per week. Another 25% of teens received €20-€25, with the cash mostly spent on clothes, phone credit, food, socialising, or school expenses.

Half of the teenagers say they spend most of the money but save a little, 17% spend it all, 30% save most and spend a little, and just more than 2% save all their pocket money.

Up to 16% of respondents said they had a part-time job, working an average of 11 hours per week.

Of those teenagers that are saving, 26% were doing so for third level education, 7% for concert tickets, 12% for an iPod or laptop, 9% for a new phone, and 24% for a holiday.

A spokesman for the ILCU has said the survey supported the Union of Students in Ireland’s comments about the problems families are facing financing third-level education.

“It is becoming increasingly difficult for many parents to provide the financial support needed to ensure their children can avail of third-level education. The increase in registration fees has put considerable pressure on both parents and students starting or returning to third-level education.

“These fees combined with monthly rent and bills, books and materials and day to day expenses will mean that many more will struggle financially.”

When asked how much they believed the average person working in Ireland earned per year, 72% of the teenagers said €30,000 or less. And when asked how much they themselves would expect to be earning at 30 years of age, 36% said €30,000 or less, 23% said €40,000, 19% said €50,000, and 22% said €60,000 or more.

When asked what factors will influence their career choice, 66% said work enjoyment was most important. Another 12% were driven by potential salary, 1% said the availability of employment, and 15% how much good they could do for people in the job.

Four out of five of the teenagers surveyed said that if they could not find a job they would emigrate.