Local teens cashing in with pocket money of €20 a week

By JACQUELINE HOGGE TUAM teenagers have contributed to a national financial survey that shows young people are receiving up to €25 a week in pocket money, despite the continuing drain on family incomes due to the recession. The research was carried out by the Irish League of Credit Unions (ILCU) in conjunction with Youth Work Ireland and its findings were unveiled at the annual ILCU youth conference in Galway last weekend. Members of Tuam Youth Bank were among the 250 teenagers across the country between the ages of 13 and 19 who contributed to the survey that aimed to look at the financial awareness of teenagers and their attitudes to money in terms of both saving and spending.[private] With just over half of those questioned receiving pocket money from their parents, almost 40 per cent said they were given a minimum of €20 each week. The most popular purchases for those who do receive a weekly income from their parents were clothes, phone credit, food and socialising. Less than one third of teenagers save their pocket money, with the majority of those who do earmarking their funds for further education. The majority of those surveyed (90 per cent) plan to go on to third-level education. However, 80 per cent are â€Å“really worriedâ€Â about the costs associated with going to college. Those with part-time jobs numbered 16 per cent, with the average working week amounting to 11 hours. Youth Work Irelandâ€â„¢s head of communications Michael McLoughlin said the survey highlighted the effect the recession was having on young people and their finances. â€Å“This survey is a valuable insight into young peopleâ€â„¢s finances and their hopes for the future,â€Â he said. â€Å“Clearly the recession is impacting on young people as well as their parents. â€Å“The low numbers of those in part-time employment demonstrates the vulnerable financial vulnerable position of young people today.â€Â The survey also sought opinions on future job prospects and potential career earnings among those who were questioned. More than half of respondents (58 per cent) expect to find a job in Ireland after college, but 80 per cent said they would emigrate if they could not find a job here. â€Å“The finding that a large number of young people expect their future to be abroad should act as a wake-up call for decision makers,â€Â added Michael. â€Å“Overall, the survey indicates that now more than ever we need community-based supports for young people, to help them develop and thrive in their own country today and tomorrow.â€Â Over 70 per cent of those questioned said their parents had spoken to them about their familyâ€â„¢s financial situation over the past 12 months, with an overwhelming majority, 90 per cent, believing their family has been affected by the recession. Jimmy Johnstone, ILCU president, said the findings of the survey should help teenagers engage in responsible money management. â€Å“The new social and financial reality of life in Ireland and the lack of supply of affordable, modest credit from most financial institutions means that the role of the credit union will become more important in the years and decades ahead,â€Â he said. â€Å“Therefore it is vitally important that we continue to educate our younger members about the merits of investing in their own futures, by sound financial planning and responsible money management.â€Â [/private]