Teens still getting €20 pocket money from their parents
TEENAGERS are being paid over €1,000 a year in pocket money.
Although the majority of teens continue to take money from the bank of mum and dad, only half say that they are saving.
Most are spending their pocket money on clothes and phone credit, according to a survey commissioned by the Irish League of Credit Unions (ILCU).
Around one third receive the average sum of between €10 to €14 per week and another 25pc received €20 to €25 per week – bringing a yearly tally to between €1,040 and €1,300.
But up to 16pc of respondents said that they had a part-time job, working approximately 11 hours per week.
Of the teens that are saving, 26pc are putting it aside for third-level education, 24pc for a holiday, 12pc for a laptop or iPod and the remainder for a phone or concert tickets.
A massive 90pc of teens plan on going to third-level education but eight out of every 10 are concerned about college costs. And 80pc said that if they could not find a job after college, they would emigrate.
Youth Work Ireland, a co-ordinating agency for youth services throughout the country, said the downturn was affecting the young in ways that might not be immediately obvious.
"The finding that a large number of young people expect their future to be abroad should act as a wake-up call for decision-makers," said Michael McLoughlin, of Youth Work Ireland.
"Overall, the survey indicates that now more than ever we need community-based supports for young people to help them develop and thrive in their own country."
A representative for the ILCU said that it is obvious that parents are under enormous strain to providing sufficient financial support for third-level education.
"The increase in registration fees has put considerable pressure on both parents and students returning to third-level education," the representative said.
"These fees combined with monthly rent and bills, books and materials and day-to-day expenses will mean that many more will struggle financially."
Most young people are aware of the financial strain on the household finances, with most stating their family had been negatively impacted by the economic crisis.
When asked how much they believed the average person working in Ireland earned per year, a large number of respondents estimated it at €30,000 or less.
President of the Irish League of Credit Unions, Jimmy Johnstone said: "Overall, the survey indicates that now more than ever we need community-based supports for young people."