Teens and Money - A Video Interview

A summer job is an exciting prospect for teenagers. It gives them an opportunity to exercise their talents, learn new skills, meet new people and earn money. Teens have the same problems as their adult counterparts in today's economy. Finding and keeping employment is a challenge no matter what your age. That's why programs like the Workforce Investment Act Summer Youth Employment Program provides a valuable service in many communities. As many of you know, I am a volunteer board member at UFirst FCU. My full time job is as an employment counselor for the Workforce Investment Act in Clinton County NY. This summer my supervisor gave me the opportunity to interview two of the participants of this program.

Stephanie Howard is a 16 year old Junior at Plattsburgh High School. This is Stephanie's first job and the skills she is learning are related to those she would like to develop in the future. Tiffany Morrow is also 16 and attends Saranac Central School. Both young women have ideas about their future careers. They also have definite views on the importance of earning and saving money. Stephanie and Tiffany may be unusual in that they are both aware of the importance of saving. In fact, I think they could teach many adults a lesson in the importance of thrift and making wise spending decisions. An interesting feature of the interviews is how much both young women are influenced by their parents in their attitudes about money. Parents may not realize what a significant role they have in their children's present and future saving and spending habits. Stephanie and Tiffany have also been influenced in their choice of financial institution. Stephanie has a share account at a local credit union and Tiffany uses a bank. My friend Jeffry Pilcher of Financial Brand recently wrote a post entitled Are Your Ignoring Gen-Y? Parents? Gen-Z? He observed:

"Unequivocally, parents are the most important way to win a younger audience. For most kids, their parents (or “the ‘rents” as they call them) set-up their first bank accounts. From that moment on, inertia – that all-powerful force that keeps people stuck in financial relationships – begins to take hold."

This is an important point for any of us who are dedicated to spreading the credit union message to young people. Enjoy Stephanie and Tiffany's refreshing view of what is important to them in the world of work, saving and spending.