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Financial Literacy MonthBaby Doomers? Teens See Future Altered by Economic CrisisBy Gary W. Hickman
In the best of economic times, most teenagers, through no fault of their own, are blissfully ignorant about finances. They’re not alone. Many parents are just as clueless about budgeting money as their teenagers.
But during the toughest economic climate many of us have ever experienced, ignorance about money is not an option, especially when families have been forced to reconsider their household finances due to job losses, or uncertainty about the future. This is particularly true for teenagers, a vital segment of the U.S. economy.
The good news is, as the economic fates of families change daily due to the current economic downturn, there is evidence that American teenagers are adapting their spending habits as part-time jobs disappear and the spigot of cash from parents slows to a drip, or completely dries up.
Like many adults, teenagers are tightening up and thinking about the economy more, according to a recent nationwide survey conducted by Junior Achievement and The Allstate Foundation of teens 12 to 17. The poll measures how the financial crisis has impacted their lives.