Teenage Consumers

Writer Denovia

    When it comes to saving or spending, many teens are unaware that money requires a great deal of responsibility. Based on reports done by  Marketingvox, Rand Youth Poll, Seventeen published Statistic Brain in September 2012, teens spend up to $208.7 billion on products such as shoes, clothes, and cell phones.
                                                               
80% of girls identified shopping as one of their "hobbies and activities".  

    This does not include the $117.6 billion parents spend on food, apparel, personal items, and entertainment. Major companies are aware of this.  Also many teens living with their parents have no major responsibilities, so they are not as conscious about their spending, making them more susceptible to over spending and consumer fraud.  Teenagers are also easily influenced by friends, fashion, ads, and celebrities all of which change with the latest trend.  This makes teens the priority target for big business advertisement because they are now considered major consumers.

    For these reasons I don’t think teenagers are not responsible consumers.  I believe parents should continuously educate their teenagers about consumer spending for long term development.
http://www.statisticbrain.com/teenage-consumer-spending-statistics/


Response Writer:
Denisea Patton

Teenagers are a lot more responsible when it comes to their spending choices than many people would like to believe. Unlike many of their elders, teenagers will recognize something they like, work in order to afford it and save up until they are able to purchase it outright.

According to the article, “Teens Spend Big, but Don't Always Spend Smart,“ published by the personal Finance department of the National Consumers League, “nine out of ten [American teenagers] save money.” The reasons behind the savings differ between college and specific items they desire. But regardless of the reasoning, they understand and abide by the need of actual cash earnings oppose to finding options like layaway plans. They are smart consumers because they will pass on many frivolous options just to get the best one that will last longer because of the quality.

American adults are so keen to having things right here and now that they will sacrifice quality, their savings account balance and their credit limit to have it immediately. Teens, by default due to their inability to obtain a credit card, are more conscious on their spending habits.  How can we blame them for not spending their money on food, electricity, house payments, etc? That’s going to be taken care of regardless. Due to the teenager age group, their parents purchase a lot of the necessities needed to survive. Teenager’s priorities are different than ours that have real bills, but that doesn’t mean that they are not responsible when dealing with the purchases they do choose to make.
http://www.nclnet.org/personal-finance/66-teens-and-money/119-teens-spend-big-but-dont-always-spend-smart