How Teens Are Making Money This Summer
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CREDIT: Working Teen image via Shutterstock
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Through a combination of working and allowances, new data shows teens will earn more than $1,300 this summer on average.
The study by American Express revealed that kids between ages 13 and 17 years old will fill their bank accounts this summer with an average of $434 a month. Babysitting and working at a fast-food restaurant are the two most popular jobs among teens.
The research found landscaping and working for a family business or grocery store to be other common teen jobs this summer.
While 32 percent of teens depend on their jobs as a primary source of income, many are still banking on parental support to fund their summer vacations. Nearly 40 percent of the parents surveyed will shell out an average of $22 a week on their kids' allowance.
The study found that the amount of money kids earn in an allowance is primarily determined by the chores they complete. Cleaning their room, taking out the trash, washing dishes, caring for a pet and doing laundry are the top chores for which kids will be earning their allowance.
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In addition to summer jobs and allowance, 11 percent of teens will rely on their savings this summer, according to the research, while 6 percent will earn money from odd jobs such as helping out their grandparents or neighbors.
"No matter how they earn their income, the summer is a great time for parents and kids to discuss real-time strategies for spending and saving their money," said David Kroner, senior vice president for Proprietary Products at American Express.
The study was based on surveys of nearly 500 U.S. adults with kids between the ages of 13 and 17.
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