Title: Teen Paychecks
Feed: CWKN #443, June 24, 2009
Time:  1:36

SUGGESTED LEAD: IF YOUR KIDS WERE LUCKY ENOUGH TO GET A SUMMER JOB, IT MAY BE THE FIRST TIME IN THEIR LIVES THAT THEY’VE RECEIVED A PAYCHECK. WHAT COMES NEXT CAN BE A SOURCE OF TROUBLE IN THE FAMILY: WHO DECIDES HOW THE MONEY WILL BE SPENT? THE PARENT? OR THE CHILD? OR A LITTLE OF BOTH? CONNECT WITH KIDS HAS SOME SUGGESTIONS.
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NARR:  VANESSA WORKS PART TIME AT A TANNING SALON.  SHE SAYS HER PAYCHECK BELONGS TO HER, AND NOT HER PARENTS. (:06)

SUPER:  Vanessa Ceci, 17 years old (:07)
“They shouldn’t be too involved because it’s my money that I’m spending, like I’m working for it.”

SUPER:  Dianna Ceci, Mother (:11)
“Well there’s times that she’ll come home with a new purse, or some more shoes that she doesn’t need, and we kind of get upset.”

NARR:  SHOULD PARENTS DECIDE HOW KIDS SPEND THEIR MONEY? (:03)

SUPER: Todd Mark, Spokesperson, Consumer Credit Counseling Service (:23)
“It’s a good thing for parents to say, ‘You’ve got money coming in, these are the things that I would do if I were in your shoes.’  Not necessarily force them to, but strongly encourage them to.”

NARR:  AND, HE SAYS, ONE THING PARENTS SHOULD STRONGLY ENCOURAGE IS SAVING. (:04)

SOT:  Todd Mark, Spokesperson, Consumer Credit Counseling Service
“We know that the savings rate in our country is atrocious.  So as adults that have obviously very little value on savings---we’re not passing it on to our kids to put much aside in savings either.”

NARR: VANESSA SAYS SHE SAVES MOST OF HER PAYCHECK BECAUSE THAT’S WHAT HER MOM TAUGHT HER TO DO.  (:04)

SOT: Vanessa Ceci, 17 years old
“I like saving.  It makes me feel good knowing that I have money in my savings account.  When I talk to some people they are like, ‘Oh, I only have like 50 dollars,’ I’m like, ‘Wow! I have a lot more than that!’”

NARR:  AND EXPERTS SAY IF YOU CAN AFFORD IT–ENCOURAGE KIDS TO SAVE WITH MATCHING FUNDS. (:05)

SOT:  Todd Mark, Spokesperson, Consumer Credit
“And say, you are going to put 10 percent aside, we’ll match you dollar for dollar.”

NARR:  BUT HE SAYS FOR KIDS TO LEARN THE VALUE OF MONEY, PARENTS SHOULD ALLOW THEM TO SPEND PART OF THEIR PAYCHECK ANY WAY THEY CHOOSE. (:08)

SOT:  Vanessa Ceci, 17 years old
“Before, like when I didn’t have a job, when I wanted something, I was like ‘Oh, okay, swipe the credit card and like mom and dad will pay for it.’  But once it’s my own money and I’m spending it, I look at a sweater and I’m like, ‘Wow that’s really way too expensive…I have to work like eight hours for this.’”

SUGGESTED TAG:  EXPERTS SAY TEENS WITH PART TIME JOBS SHOULD CONSIDER PUTTING MONEY ASIDE FOR RETIREMENT.  CONTRIBUTIONS MADE TO A ROTH I-R-A BEFORE THE AGE OF 21 CAN HAVE DRAMATIC GAINS BY RETIREMENT.