October 4, 2021

Money And Budgeting

Staffing challenges mean opportunities for teens.

Summer jobs are a perennial aspect of the American workforce. It’s a time when teenagers are filling out applications and, in many cases, earning wages of their own for the first time. But some of what we’ve become accustomed to may be changing.

In May, leading into the summer months, 33.2% of working-age teenagers (16-19) were part of the workforce. The hospitality industry, including restaurants and hotels, is an industry still struggling in the wake of COVID-19. They have faced particular challenges in staffing, and has turned to hiring younger employees in particular.1

How might that change as many of these employees return to high school and college this fall? While many may shift hours, others might need to shift focus to classes full time. This might turn the current teenage wage-land into a teenage wasteland, and leave restaurants and hotels struggling to cover shifts.

Are the teens in your household and extended family working? Remind them that their money is about more than that first car or even paying for college; the day you start working can also be the day you start your financial strategy, from starting their career to retirement. If they have questions about that, I’d be happy to talk you both through these first steps.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Disclosures

The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided on this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information, and programs made available through this website. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

In addition, at Pathway to Retire LLC our goal is to give you the control and flexibility in your retirement. We don’t want people to lose what has taken them so long to accumulate. Our team can help you create a well-thought-out strategy. In addition, we use tools to help you address your financial needs and concerns. In conclusion, contact us today to get started.

Citations

1. USAToday.com, July 26, 2021

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