You can lecture your teenagers about how they spend their cash only so much. Besides, they can lecture back: Maybe you buy expensive coffee or bottled water or pay for a gym membership you never use. Instead, you may want to suggest that your children try out some money management apps. In other words, outsource some of your lecturing and oversight to technology. Or keep hectoring your kids, if you prefer. But you could do both.
23 Teenage Consumer Spending Statistics That Will Shock You
Free-Spending Teens Return to Malls - Jim Liebelt Christian Blog
By most accounts, teenagers are ideal consumers: Typically unhampered by debt, bills and mortgages, they spend freely and impulsively. Unlike their time-strapped parents, they hit the malls frequently and stay longer. So retail industry watchers were alarmed when teen spending plunged during the recession. But now teen shoppers are making a comeback. For two months in a row, teen retailers have soared past sales expectations. To be sure, not everyone is joining the spending party, and many teens say they are more cautious than before and continue to hunt for bargains. At the Westfield Topanga shopping center recently, Sabrina Sigal, 14, was browsing through racks of brightly colored dresses and striped shirts at trendy retailer XXI Forever, one of her favorite stores.
Millennial parents fight pressure to overspend on back-to-school shopping
These digital natives like things fast and are sensitive to authenticity. These values make them quick to drop brands if they provide slow service or unethical practices. All of the intricacies in teenage spending habits make this demographic an important group to watch. Food dominates as a top spending priority for teenagers as they continue to spend more in this category each year.
A recent survey from the National Retail Federation anticipates will be a significant spending year for school and college supplies. Yet for millennial parents, a spending spree on supplies, clothing and tech accessories can be a financial worry. More from Invest in You: Former MLB star A-Rod wants to stop athletes from going broke Nine in 10 workers miss this retirement savings opportunity Make these money moves today and don't freak out in the fall. It's not always due to luxury splurges. Garfio's two children will be starting fourth and eighth grade in the fall in Houston.