Latest news with #teenemployment
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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
19-06-2025
- Business
- Yahoo
Is it hard to find a summer job this year? Hear from kids
Looking for a summer job? If so, you aren't alone. These teens from Toronto, Ontario, are, too. Hear from them about what it's like to apply for jobs for summer 2025.
Yahoo
16-06-2025
- Business
- Yahoo
Here's Why Your Teen Needs a Summer Job—and How to Get One
In the 1950s and late 1970s, teen employment reached record highs. This was for a mix of economic, social, and cultural reasons. Back then, teens worked because jobs were widely available and there was a strong cultural push for independence through work. Today, many teens are returning to summer jobs for similar reasons, especially earning money and gaining experience. However, today's teens also face more competition for college and a heavier focus on academic and extracurricular achievements, hence the lower rates of employment among 16 and 19-year-olds. With rising costs and a renewed appreciation for real-world experience, teens are balancing both worlds, bringing back a trend from decades ago that was once a rite of passage. Lissett Bohannon, suggests a summer job as a game changer for modern teens, especially because they start to understand various life skills like the importance of showing up on time. 'I had a student who was tardy all the time at school, and I noticed a huge change one year. When I asked them why, that student told me they had gotten a job over the summer and realized quickly how important it was to show up on time,' Bohannon recalls. She says it also helps teens take responsibility and work with people they might not normally interact with. 'I've seen students really come out of their shells just from having a summer job. It can also help with confidence; they learn how to talk to adults, and they start to see the value of their time. Even earning a small paycheck gives them a sense of pride and independence.' For her, it's less about the money and more about the growth that comes with it. On top of that, a summer job could be used for possible scholarship applications or as a part of their future college applications. Miriam Groom, CEO of Mindful Career, agrees, stating that summer jobs provide invaluable learning experiences beyond the typical classroom. 'Teens gain soft skills like communication, teamwork, and problem-solving, all of which are vital for their future careers," says Groom. "Furthermore, early work experience helps teens build a professional network and gives them insight into potential career interests. Whether paid or volunteer, summer work offers essential exposure to the working world and boosts their confidence.' Jillian Amodio, LMSW, explains that summer work provides opportunities for personal growth, skill development, and mental well-being. A summer job can help build a bridge between adolescence and adulthood, provide a sense of structure, routine, self-esteem, confidence, and responsibility. 'As a social worker and youth advocate, I've seen firsthand just how beneficial it can be for teens to engage in structured, purposeful activities during the summer months, helping build a sense of autonomy and provide valuable life lessons that can't be taught in a classroom,' she says. Amodio explains that work and volunteer experience also foster a sense of purpose and community connection, which can be beneficial for mental health. especially during the often unstructured summer break. 'These experiences reinforce values like empathy, resilience, and perseverance, all while helping teens explore their unique interests and passions.' For Bohannon, the best thing she recommends is to have students look for opportunities that align with what they're already curious about or possibly interested in doing in the future. For example, she has had students interested in sports volunteer to help with soccer camps over the summer with the younger kids. She has also had students who were curious about a career in culinary work jobs in the food-care industry as bussers or waiters, just so they could get a glimpse behind the scenes of a restaurant. 'If you're not sure what you want to do yet, that's okay too,' she empathises. 'I still recommend trying something because then at least you will learn more about yourself and what you like or dislike. Even babysitting or helping a neighbor with yard work can build skills in a way you may not expect. I think the goal to remember here is that the summer job should help you learn about yourself while growing your confidence and exploring new experiences.' Groom advises that the best time to apply for a summer job is typically between March and April. 'Many employers start their hiring process in spring, so applying early gives teens a better chance to secure a job. They should focus on jobs that will help them develop transferable skills and align with their interests. Retail positions, babysitting, lifeguarding, and tutoring are classic options, but don't overlook internships, especially unpaid ones, which can provide excellent learning opportunities in various fields.' She also suggests considering community-based roles such as volunteering at local food banks, libraries, or senior centers. These experiences are just as valuable for career exploration. 'Platforms like VolunteerMatch or Idealist list volunteer opportunities across a variety of sectors,' Groom suggests. 'Volunteering is a great way to gain experience while making a positive impact in the community.' Groom further advises that many high schools and community centers offer job boards and career workshops specifically for teens. These are great resources to help teens get started. "In addition to these resources, it's important for parents to help teens stay organized throughout their job search,' she adds. 'Setting a schedule for applying to jobs, following up with employers, and tracking applications will help them stay on track.' Amodio suggests using online platforms like Indeed and LinkedIn for Students, which offer teen-friendly listings. She also highlights that local community centers and libraries often have job boards and volunteer postings, and that summer camps also often look for youth counselors to help with the busy summer schedule, so teens can start there. Bohannon advises parents to start local—library boards, community centers, nonprofits, and even their own workplace. 'Like I mentioned, my student who helped run soccer camps, he found that through the soccer club he was already playing with throughout the year. A lot of teens get opportunities through someone they already know.' 'Many of my students found opportunities by checking out websites like or They may help find local volunteering options based on interests,' she says. Furthermore, Bohannon says that parents should encourage their teens to put together a simple resume early—even if it's just school activities or volunteer experience. 'I know many students get worried about creating a resume before having work experience, but please remind them that school is their work experience, so have them build a resume based on their school accomplishments and soft skills. With a resume in hand, they will feel more confident applying, and sometimes they just need that little nugget of confidence to take the first scary step.' Read the original article on Parents
