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Cashed-Up Teenagers Are Letting Loose On Spending Sprees Averaging $5000 A Year

Teenagers are spending large amounts of money averaging $5,000 per year, largely provided by parents. Experts warn that parents should require teens to earn some money through chores in order to develop financial responsibility and avoid greed. A study found that teens spend most of their money on clothes, electronics, and fast food, getting most of their funds from parents, gifts, part-time jobs, and allowances. While allowing freedom, parents should teach budgeting skills to avoid poor financial habits later in life.

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Gisela Alves
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581 views2 pages

Cashed-Up Teenagers Are Letting Loose On Spending Sprees Averaging $5000 A Year

Teenagers are spending large amounts of money averaging $5,000 per year, largely provided by parents. Experts warn that parents should require teens to earn some money through chores in order to develop financial responsibility and avoid greed. A study found that teens spend most of their money on clothes, electronics, and fast food, getting most of their funds from parents, gifts, part-time jobs, and allowances. While allowing freedom, parents should teach budgeting skills to avoid poor financial habits later in life.

Uploaded by

Gisela Alves
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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A. Read the following text carefully.

Cashed-up teenagers are letting loose on spending sprees averaging $5000 a year

Well-meaning mums and dads are showering a tender age, with one in 10 saying they regularly
kids with money and financial freedom so they used credit to make purchases.
don't go without, experts say. But parents have "Teenagers are receiving money from their
been warned to ensure teens earn some of their parents regularly, enabling them to have constant
keep through household chores such as mowing buying power," the report states further. Average
lawns and cleaning, or encourage part-time weekly spending ranged from $56 for 12 and 13-
employment, to keep greed at bay. year-olds to $192 for 18 and 19-year-olds. One in
"There should be a small base allowance of four aged 16-plus combined study with a part-time
about $10 a week. Anything after that should be job. Boys with a love of expensive techno toys and
earned so they can develop a sense of saving and video games had a bigger budget than girls,
learn that money doesn't grow on trees," outlaying an average $54 a week more.
psychologist Sally-Anne McCormack said. Ms McCormack said many adults who had
Market Research Company TNS's Tru Study tightened their belts because of cost-of-living
found that young consumers have become a pressures were reluctant to deprive their children.
spending force in their own right, shelling out on Some gave money to avoid conflict at the expense
average $96 a week. Clothes, electronics and fast of teaching valuable budgeting skills. "We give a
food swallow the most cash. Parents, part-time very poor message to children if we haphazardly
jobs, gifts and allowances are their main income give them money for immediate gratification," Ms
source. McCormack said.
The report also revealed children are being
introduced to the seductive power of plastic from Karen Collier, Sunday Herald Sun, October28, 2012

B. Match the words from the text with their corresponding meaning.

1. cashed-up 2. well-meaning a) giving a lot b) allowing


3. showering … with 4. shelling out c) consume / use up d) without care
5. swallow 6. enabling e) having plenty of money f) spending
7. reluctant 8. haphazardly
g) unwilling h) having good
intentions
C. Answer the following questions in your own words as far as possible.
1. What are parents advised to do in the first paragraph?
2. Why is it important for teens to earn some of their own money?
3. Where do young consumers mostly get their money from?
4. Why do some parents give their children so much money?

D. Reread paragraphs 3 – 5 and complete the following accordingly.


1. Young people spend their money mostly on…
2. Only a small percentage of teens claim to…
3. Teens are able to spend continuously due to …
4. Young consumers spend up to…
5. Some teens work while…
6. Boys can afford to … than girls because…

E. Look at the idioms below and match them with their corresponding meaning.
1. Cashed-up teenagers are letting loose on
spending sprees. a) preventing something from causing problems
2. Teens should try to keep greed at bay. b) not having any money
3. Many adults had to tighten their belts because c) having just enough for the basic needs
of rising costs. d) sharing the cost of something
4. Most families have to live from hand to e) doing something in a way that is not
mouth. controlled
5. Young people today tend to go Dutch when f) reducing expenditure
they go out together.
6. Her salary is so low that she finds it hard to
make ends meet.

F. Use an appropriate present tense of the verbs in brackets.

1. Every morning Linda (drive) her children to the shopping centre.


2. (you/be) to the new clothes shop yet?
3. I (spend) way too much on clothes these days.
4. Since the Industrial Revolution, the world (consume) at a higher rate than ever before.
5. I (not buy) anything lately.

G. CLAUSES OF CONTRAST – Match the beginnings of the sentences to their endings

1. It is difficult to quantify how much children are a) they can’t live without them anymore.
affected by their parents' attitudes towards b) however, they never seem to have enough.
spending, c) many teens still don’t know how to manage
2. Rich teens own everything they want; their money.
3. Some people usually pay cash d) whereas others prefer to use a credit card.
4. Although many people dislike credit cards, e) nonetheless they allow people to buy
5. Despite having learnt about debt from their things that they wouldn’t otherwise be able
parents, to afford.
6. Credit cards may cause irresponsible spending f) but it must have an impact on them for
patterns; sure.

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