While summer jobs may have been the ticket to independence, spending money, and maybe even a few semesters of college for many teens in the past, they’re just not cutting it anymore.
According to a recent article on NPR.com, summer jobs just don’t have the same influence they used to on young workers’ bank accounts. A huge part of this is that college tuition has risen exponentially faster than the minimum wage. It’s simply not feasible for a teenager to work enough to save up for college.
In fact, at the federal minimum wage of $7.25 per hour, a student would now have to work 37 hours a week, every week of the year just to get by! This doesn’t even take into account wanting to put away money for savings. When you hear those numbers, it’s no surprise that so many students dig themselves deeper into debt now than ever before — it’s next to impossible to earn enough to even get by!
Did you have a summer job when you were a teenager or student? Were you able to save money for college? Join the conversation on Twitterat@WhatTheGen or @JasonDorsey, and don’t forget to include your #generation!