With disappearing 401(k) savings, exorbitant gas prices, and
piling up medical bills, many families are being forced to make serious changes
in their spending patterns. This can be a shock for teens and preteens who grew
up in the 90s, during affluent times in which the prevailing wisdom in the U.S.
extolled making your kids happy. Average teen allowances nationwide are upwards
of $100 a month, and many high schoolers have credit cards.
But last week, a survey found that teen spending had dropped
by 27 percent.
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