Recession has minor impact on Finnish teens' finances
(Thomson Reuters ONE) - In Finland the economic recession has to some extent affected teens'consumption habits, but the consumption structure remains the same.Nor has the amount of money available for teens changed over the pasttwo years. Some young people have nevertheless had to dip into theirsavings to cover their expenses, Nordea's survey indicates.Six out of ten teenagers receive regular pocket money from theirparents and most of them also get some extra money when necessary. Onaverage, parents give their teens 44 euro in regular pocket moneyevery month. Including extra money from their parents and relativesas well as money earned from working, they have 50 euro on average attheir disposal every month. The amount of pocket money increases withage. The differences between the various income groups haveapparently levelled off since 2007 when teens from high-incomefamilies clearly received more regular pocket money than other incomegroups. This year this difference is no longer evident. In 2007teens' pocket money averaged 40 euro a month.Teenagers have reduced their consumption a bit during the recession,but the structure remains the same - most teens spend money onsnacks, soft drinks, sweets and chips. The second-most popularspending target is pastime pleasures such as movies, concerts andgoing to cafés or restaurants with friends.Saving is popularNearly 90% of young people save money, at least every now and then.However, one out of three has no specific goal for their savings.Teenagers' average savings amount to about 700 euros.The survey showed that the savings of the teens from families withaverage income have decreased by more than one fifth since 2007 (from740 euros to 580 euros). As there are not as many summer jobsavailable and as the parents and relatives of average income familiesno longer give extra money to their teens, they have had to spendsome of their savings during the recession. Has the recession hitthem the hardest?In Finland approximately 40,000 young students work from time to time(13% of the interviewees). The number of students working duringschool holidays has decreased since 2007, and based on the survey itseems that there are fewer summer jobs available for young people.Girls work more frequently than boys, and in Southern Finland workingis more common than in the rest of Finland. Particularly15-17-year-old girls seem to have more spending money thanks to jobsoutside their studies.Having their own money teaches teens to manage their financesAnu Numminen, Nordea's Private Economist, encourages parents to givepocket money to their children and teens regularly, because it is agood way of teaching them how to keep an eye on their spending andfinances from the beginning.- Having their own money will teach young people to understand thevalue of money. At the same time, they have to think more carefullyabout their choices, comparing the features and price-quality ratioof different products, says Anu Numminen.Nordea had a survey made on the finances of teenagers for the secondtime in September 2009. In Finland, 1,028 young people wereinterviewed. Similar surveys were conducted in Sweden, Norway andDenmark. The interviewees were aged 13 to 17. In Finland as a wholethere are 330,000 people in this age group, so it is an importantconsumer group. Synovate carried out the survey on behalf of Nordea.The first survey on this subject was made in 2007.For further information:Anu Numminen, Private Economist, +358 9 165 88218,anu.numminen(at)nordea.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.11.2009 - 09:30 Uhr
Sprache: Deutsch
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