Teenage Wage-Land
Staffing challenges mean opportunities for teens.
Provided by MidAmerica Financial Resources
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.
MidAmerica Financial Resources may be reached at 618.548.4777 or greg.malan@lpl.com www.mid-america.us
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.
Securities and advisory services offered through LPL Financial, a Registered Investment Adviser, Member FINRA/SIPC.
MidAmerica Financial Resources and Malan Financial Group are separate and unrelated companies to LPL.
Citations
- USAToday.com, July 26, 2021
