Jim Liebelt's Youth Culture Watch

Desperate Parents Considering Dumpster Diving and Theft to Afford Their Kids’ School Supplies

The following is excerpted from an online article posted by StudyFinds.

How are families faring in the U.S. economy this year? A concerning new poll finds that the answer could be summed up in one word — desperation. Three in four parents say they would try “any” workaround they could find to save some money on school supplies for their children—with some even dumpster diving and stealing from work!

A survey of 2,000 U.S. parents of elementary school kids found 77% believe staying under their budget is a top priority for them. The top resources parents have used to keep their back-to-school shopping under control include purchasing school supplies whenever they go on sale, even after back-to-school season (49%), and shopping at multiple stores for the best deals (45%).

The survey also revealed that many others said they’d also try to save money by even wilder means. These desperate parents would try hoarding school supplies throughout the year (37%), shopping exclusively when there’s a deal (34%), extreme couponing (22%), looking for half-used items around the home (16%),  joining buy-nothing groups on social media (10%), trading supplies with other parents (9%), and dumpster diving (5%). Another 12% admitted to stealing supplies from their workplace so their kids could use them as school supplies.

While two in three parents reported feeling prepared for back-to-school shopping this year, the results also found 82% believe the cost of supplies has increased in the past year, especially for clothing (59%), shoes (51%), backpacks (50%), and school uniforms (26%).

On average, parents anticipate spending $280 on supplies this year.

Source: StudyFinds
https://studyfinds.org/desperate-parents-school-supplies/

Young Adults Living With Their Parents Are Driving a Luxury Boom

The following is excerpted from an online article posted by Yahoo!

In recent years, millennials and Gen Z have chosen to live with their parents instead of leaving the nest, thanks to the groups’ pursuit of higher education and delay of marriage, plus soaring rental costs. Now the two generations are opting to use their new disposable income to purchase high-end luxury items, according to a new report from Morgan Stanley.

And their shopping habits are definitely having an impact: The trend has helped drive sales and increase the appeal of goods such as purses, watches, and jewelry across the luxury industry, according to Bloomberg.

According to recent US Census data, nearly half of young Americans between the ages of 18 to 29 are living with their parents; the highest percentage reached nationwide since 1940—when the country was rebuilding after the decade-long Great Depression.

One of the main reasons millennials and Gen Z are opting to stay put? The two age groups are largely delaying taking the next step in their relationship and having kids to achieve financial security before taking the plunge.

Source: Yahoo!
https://www.yahoo.com/lifestyle/young-adults-living-parents-driving-230000331.html

Kids Who Feel Poorer Than Their Friends More Likely to Have Mental Health Problems

The following is excerpted from an online article posted by HealthDay.

Youngsters who try to keep up with richer friends are more likely to have worse mental health than those who feel economically equal, a new study reveals.

Researchers from the University of Cambridge say feeling poorer can lead to lower self-esteem, anxiety, and behavior problems such as anger issues or hyperactivity. Those who felt equal in wealth had much higher self-esteem and behaved better socially, with those who felt poorer or richer than their friends being more likely to bully others.

Researchers link their findings to a difficulty to feel a sense of belonging when feeling economically inadequate.

“Adolescence is an age of transitions, when we use social comparisons to make self-judgments and develop our sense of self,” says study lead author Blanca Piera Pi-Sunyer, a Cambridge Gates Scholar and PhD candidate in the university’s Department of Psychology, in a media release.

“A sense of our economic position not just in wider society, but in our immediate environment, might be problematic for our sense of belonging,” Piera Pi-Sunyer adds. “Belonging is particularly important for well-being and psychosocial functioning during adolescence.”

“It may be that feeling different in any way at a time when belonging is important increases the risk of interpersonal difficulties such as bullying,” the researcher continues. “Our research suggests that wealth comparisons with those around us might contribute to a sense of social and personal self-worth when we are young.”

The researchers analyzed perceived economic inequality within friendship groups of 12,995 11-year-olds in the United Kingdom. They surveyed children who were born between 2000 and 2002 and gathered data on their family income.

The self-esteem of those who thought they were poorer than their friends was six to eight percent lower than those who felt equal. They also scored 11 percent lower in well-being than those who saw themselves as economically equal to their friends.

The children who felt poor in their friendship groups were 17 percent more likely to report being bullied compared to those who felt they were in the same financial position as their friends. On the flip side, those who felt richer or poorer than friends were three to five percent more likely to bully others.

The study was published in the Journal of Child Psychology and Psychiatry.

Source: StudyFinds
https://studyfinds.org/kids-feel-poorer-mental-health/

Parents Adopt Unhealthy Food Routines for Family Well-Being in Place of Unaffordable Activities

The following is excerpted from an online article posted by MedicalXpress.

A new study suggests a key reason parents on a low-income buy unhealthy foods for their families is to compensate for non-food-related activities which support social well-being but that they are unable to afford.

The study from the Center for Food Policy at City University of London sheds light on the food buying habits of low-income parents across England. It looked at how these families' food practices may be influenced by their 'food environment,' i.e., where people can buy and eat food outside of the home, as well as advertising and promotions they come across, but also the wider socioeconomic factors in their lives that may be affecting their decision making.

The findings support the well-established view that a food environment where unhealthy foods are ubiquitous, cheap, and heavily marketed drives parents to feed their families on them. However, they further suggest that when parents are unable to afford social activities with their children, like visiting a 'soft play' center or holidays even a short distance away, they are additionally driven to compensate with family 'treats' taking the form of unhealthy food routines.

Examples of such routines identified in the study include family visits to fast-food outlets like the local 'chippy' (fish and chips shop), kebab shop, or (famously branded) burger restaurant, or even food-related events at home such as family snacks time in front of a movie or board game.

The study involved 60 parents on low incomes as participants.

Source: MedicalXpress
https://medicalxpress.com/news/2022-08-parents-unhealthy-food-routines-family.html

More Than Half of Teens Think Investing Is Too Confusing

The following is excerpted from an online article posted by BusinessWire.

As part of its ongoing efforts to engage the next generation, Fidelity Investments^® has released results of the 2022 Teens and Money Study, revealing that while seven-in-ten teens look up to family members as financial role models, only a third (34%) say that their family regularly talks about investing. What’s more, nearly half say investing “feels out of reach” and only one-in-five teens say they’ve started investing. In fact, many teens mistakenly believe that they can’t trade stocks and a wide majority (72%) of teens report no knowledge of trading stocks or electronic fund transfers (EFT), according to the study which examines how young people ages 13-17 approach their finances.

Further, teen girls are less likely to have conversations with family about money and say they aren't as confident on financial topics.

The study found that while only 23% of teens say they feel "confident" about financial topics, that number increases to 32% among those who talk to their parents about investing. To leverage this increase in financial knowledge when teens talk with their parents, Fidelity developed a new conversation guide for families.

“We know that parents help give teens the confidence they crave when it comes to money,” said John Boroff, vice president, Youth Investing at Fidelity Investments. “In fact, teens who have talked to their parents about investing are more likely to have a checking or savings account, talk about investing with friends or teachers, and ultimately start investing. The Fidelity Youth account can help jumpstart these conversations and provide real-world money experience, but it’s critical that parents be ready to have the talk with their teens.”

Source: BusinessWire
https://www.businesswire.com/news/home/20220607005350/en/More-Than-Half-of-Teens-Think-Investing-Is-Too-Confusing-Fidelity-Shares-Resources-to-Help-Parents-Have-“The-Talk”

Most Young Adults Spending More Now Than Before COVID

*The following is excerpted from an online article posted on StudyFinds.

Gen Z and millennial Americans are “cashing in” on lost time due to the pandemic and applying new financial lessons from this ever-changing time.

A new survey polled 2,000 Gen Z and millennial Americans and looked at their new spending and saving habits during the ongoing impact of the pandemic. Nearly seven in 10 (69%) are getting back to spending money on things they missed because of COVID-19.

Additionally, three in four are focusing their spending on activities that allow them to catch up with friends and family.

When restrictions faded and re-openings began in early summer 2021, Gen Z and millennials took advantage, with 51 percent of respondents splurging on a trip. Another 49 percent have been spending money on fancy drinks and dinners at bars and restaurants.

Conducted by OnePoll on behalf of Laurel Road, a digital banking platform of KeyBank, the survey also finds 59 percent say that they’re spending more money now than they did before the pandemic and 58 percent created new savings goals because their spending habits have changed.

Still, almost six in 10 respondents agree they’re more financially confident than they were before the pandemic and credit their desire to be more financially responsible to COVID-19.

It’s translating to a shift in how Gen Z and millennial Americans manage their personal finances, as just over 30 percent admit they’re budgeting for the first time ever. A further 39 percent are using new methods, like apps or dedicated spreadsheets, to keep track of their budget.

Source: StudyFinds
https://www.studyfinds.org/young-adults-spending-more/

Back-to-School Shopping Spree: Parents Spending $843 Per Child to Prep for In-Person Learning This Year

*The following is excerpted from an online article posted on StudyFinds.

It’s hard to believe, but back-to-school shopping is already in full swing and this year it seems parents have no qualms about ensuring their kids are prepared. New research shows that parents are sparing no expense, spending an average of $843 on each child!

The survey of 2,000 American parents of school-aged children and shows that projected spending on each child is up by 19 percent from an average of $707 last year.

With spending up, it is no surprise that more than a third of parents (37%) are starting their back-to-school shopping earlier this year. In fact, half of parents (51%) will have started their back-to-school shopping before August arrives! Of those staying ahead of the game and getting their shopping finished early, two in three (67%) are doing so to help them budget better, while 59 percent want to take advantage of sales.

Conducted by OnePoll on behalf of Affirm in July 2021, the survey found that clothes (70%), school supplies (43%), and backpacks (39%) are the top things American parents are prepared to splurge on for this back-to-school season.

Source: StudyFinds
https://www.studyfinds.org/back-to-school-shopping-parents-spending-843-dollars-per-child/

Teen Spending Hit a 40-year Record Low Due to the Pandemic

*The following is excerpted from an online article posted on USA Today.

The Gen Z age group reports having spent less money in 2020 than any other year of the past two decades, according to Piper Jaffray’s 40th biannual “Taking Stock with Teens” research report.

The data captures reported spending results from 9,800 people ages 13 to 19. Participants hail from 48 states and households with an average yearly income of $67,500.

Between Aug. 19 and Sept. 22, 2020, teenagers reported spending at an all-time survey low of $2,150. That's down 9% from $2,371 spent in 2019, the survey says. Yearly reported spending by teens peaked in spring 2006 at $3,023, the data shows.

Just under a quarter (23%) of teens this year said their ability to work part-time was affected by the pandemic. While young people cut back spending on food, concerts, and events, they're spending more money on video games, movies, and room decor, according to the survey.

Consistent with other years, teens primarily spent their money on clothes and food.

Source: USA Today
https://www.usatoday.com/story/money/2020/10/06/teen-spending-hits-40-year-low-due-pandemic-survey/3635700001/

Teen Spending Slumps to the Lowest Level Since 2011

*The following is excerpted from an online article posted on Business Insider.

Teens are curbing their spending habits amid the coronavirus pandemic, showing that the worry of economic fallout is impacting consumers of all ages.

Self-reported spending from teens fell 13% to $2,270 annually, the lowest since 2011 and a 4% slump from the fall, according to Piper Sandler's spring teen survey, released recently.

The biannual survey was conducted between February 17 and March 27, and had 5,200 respondents from 41 states with an average age of about 16.

For the last three weeks of the survey period, teens were at home as schools across the US have been closed to curb the spread of COVID-19, the illness caused by coronavirus. Coronavirus was the second-highest social or political concern teens named, according to the survey, which also noted that it was unaided, meaning that the respondents put it in themselves.

Teens are worried about the economic impact of the shutdown, according to the survey. As many as 47% of teens believe the economy is getting worse, up from 28% last year. In addition, mentions of the stock market and the economy increased as top concerns, Piper Sandler said. One teen wrote in, "Restaurants are closing, I lost my job due to it," according to the survey.

That means they're cutting spending in some of their favorite categories, including clothing, personal care, and accessories.

Source: Business Insider
https://www.businessinsider.com/teen-spending-falls-lowest-since-2011-coronavirus-pandemic-economy-consumers-2020-4

U.S. Teens Aren't Optimistic About Their Future Finances

*The following is excerpted from an online article posted on USA Today.

America's teenagers have a lot on their minds. They worry about school, about fitting in, about guns, about the environment, about just figuring out who they really are. But given that for the most part, mom and dad are still paying the bills, you might be surprised at how many of them are already worrying about money and their financial futures.

According to a new survey from Junior Achievement and Citizen's Bank, 45% of teens say they're worried they won't be able to afford to live on their own when they reach adulthood, while 47% are worried about paying for college. The study also showed that 40% worry about finding a fulfilling, well-paying job, and 33% are concerned that they don't know enough about how to manage money.

"These survey findings show a disconcerting lack of confidence among teens when it comes to achieving financial goals," said Jack Kosakowski, CEO of Junior Achievement USA, in a press release. "With a strong economy, you would think teens would be more optimistic. It just demonstrates the importance of working with young people to help them better understand financial concepts and gain confidence in their ability to manage their financial futures."

Considering the historically low unemployment rate in the U.S. today, there's a fair amount of pessimism baked into the fact that 62% of those surveyed listed just getting a full-time job as one of their top financial goals for the future – making it the most common response. A similar percentage of teenagers (59%) said that graduating from a four-year school was a top goal. And 53% want to reach a level of financial independence such that they're no longer relying on monetary help from their parents. But 37% said they don't expect to hit that last milestone before they are 30.

In the slightly longer term, 74% of teenagers believe they'll own a car by the time they are 30, but only 60% expect to own a home at that age. In addition, 44% of those surveyed expect to be saving for retirement by the time they hit 30, while 43% expect to have their student loans paid off.

Source: USA Today
https://www.usatoday.com/story/money/2019/04/19/us-teens-arent-optimistic-about-their-future-finances/39360939/