Money has become a very crucial aspect of living. It allows us to provide ourselves with the basic needs of life such as food, clothing, shelter, education, and transportation, as well as forcing us to make realistic choices and place priority on our needs before our wants. This, however, does not seem to hold true for the younger generations of today, especially teenagers.
Spending over saving has been a trend on the rise over the last few decades. While many teenagers view saving a portion of their money as very important, the value and benefits of saving on the whole are often overlooked. For this exact reason, the entire concept no longer has a high priority status in this age group. Teenagers get caught up in the urge to have the latest things, go out regularly, and impulsively spend and spend, leaving the amount of money left to save down to a minimum. They enjoy the momentary satisfaction of getting the things they want, when they are sought, instead of investing money for more long-term aspirations where the rewards are not felt instantly.
Not only does our youth have more money in their possession these days, but they also feel more pressure to spend it. Teenagers are powerful consumers, simply put. They're a huge target group for marketers, and important customers for a wide variety of products, ranging from cosmetics to cars. While expenses in the early teens tend to include more frequently bought, inexpensive personal objects, as they get older, purchases include major items. It is recognized, too, that teenagers concentrate their spending on certain products. The money they spend on such diverse things such as sneakers, soft drinks, cosmetics, grooming aids, and compact discs account for a considerable part of the total sales of these goods. By and large, it is easy to see how the frivolous spending habits of our youngsters have become very important to our economy.
Money is not only a necessity, and a luxury, but also...