Staying Connected: A Guide for Parents on Raising an Adolescent Daughter

Money Management

Today’s adolescent girls are—or would like to be—big spenders, primarily on clothes, food, and entertainment, in that order. In many ways, they are mimicking the more affluent society around them. Hanging out in malls is starting to give way to hanging out in stores with sofas, vending machines, and sometimes even a deejay in the teen department. Promotional blitzes from credit card companies are targeted at them. It’s not surprising that few teens understand money except how to spend it, and many parents fear that their children are losing sight of what is really important in life.

One-half of teenage girls work part-time and often see their earnings augmented by their parents. Allowances, however, may have gone the way of 45 rpm records. Instead of a set amount, many parents hand out dollars regularly, a little here for a CD and a little there for a dress. Moreover, some girls have their own credit card or a parent’s card, freeing them to run up bills they cannot pay, and surveys show an apparent lack of understanding of financial concepts.

Of course, some girls in less well-off families may have to work for all their pocket money or contribute their earnings to the family income. In the long run, however, any teen who has to be careful with money is learning valuable lessons.

Back to table of contents