More News

The Gazette spoke to a variety of teens about their money situations. Some said they try to save a major portion of their earnings from lifeguarding or working at restaurants. Others admitted to spending every penny.

The summer of 2008 saw a 60-year low for teen unemployment, with only 32.8 percent of teens working in June and July, down from 45 percent for the same period in 2000, according to an Aug. 1 study conducted by researchers at Northeastern University's Center for Labor Market Studies. The problem is not laziness, the study suggests, since during those two months 1.8 million American teens were seeking work. That means the teen unemployment rate was four times as high as that of adults.

Eric Meredith, 19, of Frederick makes money by selling sporting goods at a kiosk at Francis Scott Key Mall in Frederick. He says he maxed out his only credit card "the day I got it" and has yet to pay it off. But Meredith still says he does not worry about money.

"I spend [all the money I earn] but I'm trying to save. I spend it on everything you can think of – mostly gas and cigarettes … I have three bank accounts, and they all have, like, 81 cents."

Jeri Shuck, 17, of Frederick says she gets some monetary assistance from her parents, but that she makes most of her cash by hosting at the Ruby Tuesday's restaurant in Frederick. The lack of significant help from her parents financially leads her to worry about money. But the Gov. Thomas Johnson High School senior plays it safe – she has no credit cards, and only one savings account.

"I spend money on gas, car insurance and food, pretty much living. Oh – and coffee! I'm not going to lie, that's a big one. I buy more coffee than food."

Jenna Schmaljohn, 17, of Middletown is committed to academics, including with her finances. The TJ High senior says she used to have a job, but she does not work anymore so that she can focus on her advanced high school classes and getting into college. She has a credit card, but does not really worry about her money. She keeps as much of it as she can in a savings account.

"I mostly depend on the parents because I don't work so much anymore because of school."

Cristina Arrunategui, 18, of Frederick smears cream cheese on bagels at Market Bagel and Deli in Frederick for a living. She holds three credit cards and also has a savings and checking account in her name. She does worry about money more now that she is in college. She's a freshman at Hood.

"I spend my money on clothes and gas. I worry about it because I have to buy books for college."

Middletown High senior Mary Burns, 17, lifeguards at her school in order to make money, which she keeps in a savings and checking account with a debit card. A fiscally responsible teen, she saves half of her wages for spending money at college.

"… I spend the other half on going out with friends and on gas. I don't worry too much because I know my parents are going to cover me if anything bad happens."