Teens and College Students Plan to Work this Summer
71% of young Millennials (ages 20 to 26) and half of all teenagers plan to join the paid workforce this summer, and many others are planning on working at unpaid internships, according to recent research from TD Ameritrade.
The Summer Jobs and Internships study, which surveyed 2,001 teenagers and young Millennials, found differing attitudes about work among the two age groups, including:
- Most teens (86%) expect to work part-time while attending college, compared to 72% of young Millennials who have or had part-time jobs during college.
- Over half (56%) of teens want to have an unpaid internship to gain career experience versus just 38% of Millennials.
- 73% of teenagers expect to have a paid internship during college, while less than half (47%) of young Millennials have had or have paid internships.
- Teens today had their first paid job, on average, at 14, while young Millennials started working at 16.
What do teens plan to do with this money? More than half (56%) plan to start saving. When they do spend money, 41% say it will go towards education, 33% will buy clothes, 31% will purchase new technology, 30% will buy a car and 26% plan to keep the money in an emergency fund.