WHY TEENAGERS SHOULD HAVE A JOB
It’s the dilemma faced by many parents: encourage your teens to get a parttime job or steer them towards concentrating on their studies? On the one hand, you want them to get life experience, but on the other, the demands of school seem so much greater than for previous generations.
While our youth are hardworking compared to other countries – the employment rate among those aged between 15 and 24 is nearly 60 per cent compared to the 41 per cent average for similar countries – both the UK and US are reporting a decline in the number of teens with part-time jobs.
Yet American researchers have discovered that having a job while at school and university leads to higher wages in later life. The study found that those who worked while at university saw a 4 to 6 per cent return on later wages while those who worked during high school experienced a 3 to 5 per cent return.
However, it’s not the promise of a bigger pay packet that’s the main factor in encouraging teens to get a job, according to The Barefoot Investor, Scott Pape. The bestselling author, who is writing a new book to help young people become good money managers, believes part-time jobs teach kids to appreciate money.
“No matter what school they’re at, you are not getting a great education if your teenager isn’t flipping burgers somewhere for the minimum wage,” he says. “It’s not about the money, it’s about learning the value of a buck.”
Scott believes kids only need to work a couple of shifts a week and to start at 15 before the pressure of Year 12 exams. “Even if your kid gets to be the dux of school, if they don’t know the value of a buck, or how to work hard or take direction from a boss, I don’t think they’ve got the right education.” He also believes too many modern kids have a sense of entitlement and parents who buy their teens a new car are doing them no favours. As he says: “I don’t care how rich you are. If you buy your child a brand-new car for their 18th birthday you’re an idiot.”
“Eleven years ago I remember reading a ‘Deadpool’ comic and feeling like ‘This is a oncein-a-lifetime connection.’ Then a few years later I met my wife and I was like, ‘A once-in-a-lifetime connection can happen twice.’ Then we had our children. And that’s when I realised, I love gin.” Ryan Reynolds, actor and father of two.