SALT LAKE CITY — Utah State Treasurer Marlo Oaks believes summer jobs offer teenagers valuable financial management lessons that can build confidence and independence. "Being able to make your own money and spend that money is really a great way to build confidence as a teenager," Oaks said.
While summer break typically means no homework and no alarm clocks, spending some free time at a job can provide numerous benefits for teens. Employment can teach responsibility, how to take direction, teamwork skills, and can strengthen college applications.
One of the greatest lessons teens will gain is financial management, according to Oaks. "Independence comes from being able to spend your own money, and that's a great way to learn, especially when you are young," Oaks said. "Decisions are much more expensive later in life, and so if you can learn how to waste money when you are a kid and then you decide, hey that wasn't really beneficial for me, that's a great lesson to learn when you are younger than when you are older."
Money management can be challenging for many people. Learning willpower, resisting impulse spending, and developing saving habits may require practice and sometimes tough lessons about debt.
Resources are available to help teens develop healthy money habits. Finance in the Classroom, managed by the Utah State Board of Education, offers helpful resources, games, and information about paying for college that teens can explore between summer work shifts.
