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Summer jobs teach Oklahoma youth about money managementOklahoma Now that schools across the state have closed their doors for the summer, many Oklahoma youth are looking for seasonal employment opportunities. Entrepreneurship is a way to introduce today's youth to income generating skills that they can use for the rest of their lives, said Glenn Muske, Oklahoma State University Cooperative Extension Service interim associate dean, assistant director, family and consumer sciences. "There are numerous opportunities for summer employment for youth," Muske said. "For those individuals who are looking at operating their own business, opportunities range from lawn care, selling homemade crafts and pet sitting to child care, tutoring and washing cars. The benefit of teaching kids how to run a business is something they can use for their entire lives, whether they eventually own their own business or not." Other young entrepreneurs may not want to go into business for themselves but still want to hold down a paying job during the summer. There are lots of opportunities for these youth as well, including working in a restaurant, a movie rental store or serving as a lifeguard at the local swimming pool. When a young person has a job, he or she will be exposed to skills such as marketing, sales and understanding supply and demand. They also will be using skills such as math, logic and reasoning. "Young entrepreneurs, especially those who go into business for themselves, will need to ask themselves questions about who their market is and what type of products or services are wanted and needed," he said. There are many areas where a parent can help the young person. One such step is in determining how earned wages will be used. Learning good money management skills at an early age will be a valuable asset once the young person ventures out into the working world. It is a good idea for parents and children to sit down together to discuss how the wages will be used. Determine how much from each paycheck should be put into a general savings account. Work with the child to figure out how much spending money he or she needs on a weekly basis. "Parents also should encourage their child to put money into a college savings account," Muske said. "This money can be used not only for tuition and books, but also for living expenses while at college. If a child starts saving early, the savings can mean taking out smaller school loans or no loans at all. This can have a big impact on getting a solid financial start with few or no loan repayments following college graduation." Parents believe in the importance of teaching their children about money, but may shy away from discussing important money management topics. A recent survey conducted by Northwestern Mutual indicates many parents believe children should learn the ABCs of money management at a young age. They also believe the school system should be doing more to teach kids about money. "Some parents believe they aren't capable of properly teaching their children to manage money," Muske said. "What parents need to realize is that a great deal of what the child will learn about how to handle money comes from watching how the parents handle their own money. Parental influence plays a key role in a child's view of money management. Work with your child to set savings, spending, charitable donations and investment goals. The more a child understands money management at a young age, the better off he or she will be when they enter the real working world." 7/7/08 Date: 7/2/08
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