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a day ago
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Teens from upper-income families are far more likely to work summer jobs than poor teens. What's going on?
Twin brothers Alex and Nicolas Alessi and their friend Mason Grant — all 17-year-old rising high-school seniors in the Bay Area — were having a hard time finding jobs leading up to this summer. 'We probably applied to 20 jobs, and we did not get any of them,' Alex said of himself and his brother. My brother stole $100K from my mom to buy bitcoin. Do I convince her to sue him? Most American weddings are a lot more extravagant than the nuptials of Amazon's Jeff Bezos JPMorgan has a new way of forecasting the stock market — and there's a surprising finding 'He doesn't seem to care': My secretive father, 81, added my name to a bank account. What about my mom? S&P 500 scores record high for first time in 4 months. What could push stocks higher from here? Grant, meanwhile, struggled to advance beyond the initial stages of the interview process, including at retailers. 'You need multiple references, experience, past history — and as a high-school kid who's very busy with other stuff, it's hard to get your foot in the door,' he told MarketWatch. The three friends, seeing a need to connect high-schoolers to work opportunities, recently developed a job board targeting teens called JobMatch, with the twins' father, Tom Alessi, acting as an adviser. 'At our school, our nicknames are the Winklevoss twins and Mark Zuckerberg,' Grant said. Users anywhere can post jobs and search free. The site is currently being used by hundreds of people in the community, according to the founders, and all three of them have also applied to and landed gigs on JobMatch themselves. 'On any given day you will find them washing cars, pulling weeds, helping people move, etc.,' said Tom Alessi, who leads software engineering for Johnson & Johnson Vision. 'Honestly, it's super lucrative for them.' Teen employment in the U.S. has been declining for decades — the employment-to-population ratio for 16- to 19-year-olds was 37.9% last July, not seasonally adjusted, down from a high of 59.9% in July 1979, according to the Bureau of Labor Statistics. Many working teens today come from higher-income families that encourage them to seek learning opportunities outside of the classroom. 'A young person from a family with a higher income is more likely to be employed during the summer months than a young person from a family earning less,' according to a Labor Department study posted in 2024. About 44% of 16- to 19-year-olds from families earning $150,000 or more — roughly the top fifth of U.S. households by income — were employed from June to August 2023, the most recent year for which estimates were available. By contrast, only 27% of teens from families earning less than $30,000, or roughly the lowest fifth of households by income, had summer employment during that time. Tom Alessi, Alex's and Nicolas's father, has noticed this trend playing out in their high-income community. 'The parents from affluent families — we call them 'snowplows' — are out in front of their kids plowing the 'snow' out of the way,' he said. Grant, the twins' friend, said he knows a teen whose father was able to connect the teen and his friend with jobs at the golf course where the father is a member. 'I am not saying the kids didn't work hard, but they put it on a silver platter for them,' he said. The employment gap between teens from high- and low-income families is a longstanding disparity. Kids from higher-income families tend to have greater access to a car or to an adult who can drive them to work, a BLS report from 2000 said. The researchers also noted that 'nonmarket work such as housework and unpaid child care' more often falls to teens in lower-income families, making them 'relatively less available for market work — or available only for specific schedules.' In addition, some teens from low-income families live in labor markets with fewer opportunities, according to a 2010 report from Northeastern University's Center for Labor Market Studies. The gap became more pronounced in the 2000s. While teens in every income group experienced sharp declines in summer employment between 2000 and 2008, teens from low-income families experienced the sharpest decline, the Center for Labor Market Studies said. By 2010, 'the employment rate for upper-middle-income white teens was four times as high as that for low-income Black teens,' the center later reported. Read more: Generation Z thinks it needs $500,000 a year to succeed. What that says about our economy. Kyle Ross, a policy analyst at the liberal think tank Center for American Progress, wrote in a 2023 report that youth facing barriers to employment 'such as a low-income background, a disability, or low English proficiency' need access to resources that help build the skills and experience necessary to get a job and achieve their future career goals. One federal law that subsidized youth employment, the Workforce Innovation and Opportunity Act, has relied on temporary extensions after expiring in 2020 and may face cuts in the new spending bill in Congress, which may harm youth who need extra support accessing opportunities in the labor force, Ross told MarketWatch. The Trump administration last month announced that it would pause all contractor-operated centers at Job Corps, a WIOA program to train young people from low-income households, by the end of the month, citing 'a startling number of serious incident reports and our in-depth fiscal analysis.' (The pause was later delayed by a court order.) As the economy evolves to demand different skill sets for different kinds of jobs, 'a lot of people end up suffering because they're left out,' Ross said. Today, young college graduates, older workers and foreign-born workers are competing for jobs that were traditionally held by teens, according to the Bureau of Labor Statistics. Those between 16 and 19 made up 18.7% of minimum-wage workers in 2023, down from 25.4% two decades earlier. As entry-level wages stagnated over the years, employers incentivized young people to get more degrees. Many jobs once paid a living wage to workers with high-school diplomas, but that has changed. Among full-time workers ages 35 to 44, those who completed high school had average annual earnings of nearly $58,000 in 2023, compared with about $105,000 for those with a bachelor's degree, according to the Census Bureau. With such a stark wage gap between workers with and without college degrees, more young Americans have shifted their focus to education — including during summers. The share of 16- to 19-year-olds enrolled in school in July has been above 40% every year since 2007 — except in 2013, when it was 39.3% — and hit 48.4% in July 2024, according to calculations using BLS data. That share was just 10.4% in July 1985. 'Over the long term, there's just been more educational upgrading,' said Elise Gould, a senior economist at the left-leaning Economic Policy Institute. She also noted that teen employment tends to be higher during stronger business cycles, when opportunities are more abundant and employers are willing to hire people with less experience and do more on-the-job training. Yet as competition for entry-level jobs heats up, some parents, including those who earn higher incomes, believe that school alone does not prepare teens professionally or financially. Marilou Davido, a financial planner and vice president of WFA Asset Management, told MarketWatch her kids are 'in a good school district and have lots of opportunities to pad their transcripts' with AP courses. As she and her husband have been saving for college since their children were born, 'I'm not as focused on summer academics because I'm not expecting or needing my kids to get a scholarship for college.' Related: Brace yourself: This is exactly how much you should have saved for your kid's college by the time they're 5, 13 and 18 Davido said she worries 'that my husband and I spoil our kids. They have much more than I ever did growing up,' she said. So she has pushed her 16-year-old son, Luca, to learn the value of money through work and to recognize that his 'normal' is not shared by everyone else — and will change when he is no longer 'riding Mom's and Dad's coattails.' She also hopes having a job will teach him 'how to talk with his boss, negotiate and compromise.' Luca refereed hockey games over the winter, earning at least $45 per hour, and recently shucked corn at a fair for $15 an hour plus tips, which he described as 'really good money.' Davido contributes a match equal to his earnings into a Roth IRA she and her husband opened for him, which they hope will compound significantly in the decades ahead. Luca told MarketWatch that he is required to take a personal-finance course in school. When his parents recently started sharing the actual dollar figures of their household finances, he said, he became worried that he would not be able to support an equivalent lifestyle when he graduates from college. Luca is saving and investing his earnings from his jobs to have 'a bit more of a head start to buy things and just deal with issues that might come up' as a young adult, he said. By mid-June, he was still looking for a summer job. 'I want to start my financial life. Start making money,' he said. Other parents also see the opportunity for teen jobs to kick-start a comfortable retirement in the future. Michael Cochran, a financial planner and chief investment officer at BentOak Capital, told MarketWatch he has two children, 13 and 15. For their older son, who works at a tennis pro shop, 'we introduced a Roth IRA 'match' to encourage saving and help instill strong financial habits early,' he said. Their younger son is earning about $100 a week doing tasks around the neighborhood. Cochran's goal, he said, 'is to demonstrate that consistent work and even modest contributions — and a 'match' from his parents — can lead to meaningful long-term benefits, both through the power of compounding and by building a strong foundation in financial literacy.' Teen summer employment remains concentrated in jobs as waitstaff, recreation workers, fast-food workers, coaches, child-care workers and construction laborers, according to the Labor Department. As today's youth face a job market that stands to be disrupted by technologies such as artificial intelligence, some high-income parents are encouraging their children to practice skills that will be useful for starting their own businesses. 'Some of these kids are saying, 'I don't want a traditional job where I make $15 an hour. I don't want a limit on what I can do, or when I can work. I want to make my own rules,' Tom Alessi, the father of the JobMatch co-founders, told MarketWatch. 'I am super frustrated, so is my wife, that the high school doesn't teach any [real-world] skills. They only teach academics for academics' sake,' he said. 'They do not teach these kids that there's another path, if they so choose, like entrepreneurship.' It's fine that many students choose a traditional employment path, he added, but schools are doing students 'a disservice' by not teaching them that 'there's a different way to earn money' besides being an employee. While Tom is a full-time employee, his wife runs her own business as a physical therapist, he said, adding that 'the kids have always done jobs at her clinic — laundry, cleanup, office work.' Helping his kids with JobMatch, he added, has felt 'like a traditional startup.' 'It's chaotic. Everybody has ideas,' he said. 'But I'm trying to teach them skills that they're not going to learn anywhere [else]: Here's how you get customer feedback; here's how you shape a product road map; here's how you push out features; here's how long it takes to develop features; here's how you engage with people.' Grant said starting JobMatch has also opened up networking opportunities to him. 'I want to work, and I want to meet new people,' he said. Nicolas and Alex said that because their parents still provide for their needs, they plan to give 90% of any earnings from their jobs, as well as any cash gifts they receive, to their father to invest for their futures. Their goal, they said, is to start a successful business together. As other teens put school at the center of their goals, the twins are going to college and investing early as 'backups' in case their entrepreneurial efforts don't work out. What personal-finance issues would you like to see covered in MarketWatch? We would like to hear from readers about their financial decisions and money-related questions. You can fill out or write to us at . A reporter may be in touch to learn more. MarketWatch won't attribute your answers to you by name without your permission. There's an important market indicator that suggests investors remain wary. It's good news for stocks. My job is offering me a payout. Should I take a $61,000 lump sum or $355 a month for life? What drove stock market's record-breaking week? Don't overlook growing rate-cut expectations. Coinbase's stock is up over 40% this month as Wall Street projects amazing profit growth 20 banks expected to increase their dividends the most following the Fed's stress tests
Yahoo
6 days ago
- Business
- Yahoo
CareerBuilder + Monster Enters into Asset Purchase Agreements to Transition Ownership of its Businesses
Initiates Voluntary Chapter 11 Process to Implement Sales Continuing to Provide Clients with Cutting-Edge Solutions and Unmatched Service During Sale Process CHICAGO, June 24, 2025 /PRNewswire/ -- CareerBuilder + Monster (the "Company") today announced that it has initiated a court-supervised sale process to maximize value, preserve jobs and seamlessly transition ownership of its businesses. Specifically, the Company: Entered into an asset purchase agreement with JobGet Inc. for the sale of the Company's job board business, which provides a talent marketplace connecting employers with job candidates; Entered into an asset purchase agreement with Valnet Inc. for the sale of Monster Media Properties, which is comprised of and and Entered into an asset purchase agreement with Valsoft Corporation for the sale of Monster Government Services, which provides human capital management software services to state and federal governments. With the support of each of the "stalking horse" buyers and to facilitate the sales, the Company initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The Company is providing clients with cutting edge solutions and unmatched service during the court-supervised sale process. Jeff Furman, CEO of CareerBuilder + Monster, said "For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe. However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment. In light of these conditions, we ran a robust sale process and carefully evaluated all available options. We determined that initiating this court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs." The Company's sale process is complemented by related restructuring actions that are in the process of being implemented across its U.S. businesses. The Company is also conducting a comprehensive evaluation of the strategic alternatives available for certain of its international businesses. Mr. Furman said, "As we work to complete the sale process, we are making difficult but necessary decisions to reduce costs and help ensure a seamless transition of our businesses. As a company in the business of people and talent management, reducing our workforce is always a painful step to take. I greatly appreciate our people, their contributions to CareerBuilder + Monster and the commitment and passion they have shown to our company, our clients and our colleagues." Additional Information About the Court-Supervised Sale Process The Company intends to conduct the sale process under Section 363 of the U.S. Bankruptcy Code, pursuant to which Valnet Inc., Valsoft Corporation and JobGet Inc. would serve as the "stalking horse" bidders in a court-supervised sale process. The proposed transactions are subject to higher and better offers, among other conditions. Subject to court approval, the sales of the Company's businesses are expected to close in the coming weeks. CareerBuilder + Monster is in the process of finalizing an agreement with Blue Torch Capital for up to $20 million in debtor-in-possession ("DIP") financing. This DIP financing is expected to provide the Company with the necessary funds to continue to operate the business for purposes of effectuating the sales. The Company has filed a number of customary motions seeking court authorization to support its operations during the court-supervised process, including the continued payment of employee wages and other benefits. The Company intends to pay vendors and suppliers to its U.S. businesses in full under normal terms for goods and services provided on or after the Chapter 11 filing date. Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a website administered by the Company's claims agent, Omni Agent Solutions ("Omni") at by calling Omni toll-free at (888) 841-0525 or (818) 924-2298 for calls originating outside of the U.S. or Canada, or by sending an email to CareerBuilderMonsterInquiries@ Advisors Latham & Watkins LLP is serving as legal counsel, PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor to CareerBuilder + Monster. About CareerBuilder + MonsterCareerBuilder + Monster is a global talent marketplace and workforce solutions leader, combining over 50 years of expertise and the legacy of two trusted brands to connect the right people with the right jobs. With innovative digital, social, and mobile solutions powered by proprietary data and insights, CareerBuilder + Monster helps employers find, hire, and onboard exceptional talent while empowering job seekers to build skills and pursue meaningful careers in a rapidly evolving world of work. CareerBuilder + Monster is committed to making workplaces happier, more productive, and future ready. Media Contacts Aaron Palash / Carleigh Roesler / Jenna ShindermanJoele Frank, Wilkinson Brimmer Katcher212-355-4449 View original content: SOURCE CareerBuilder + Monster Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
