How Much Money Does the Average Teenager Spend?

Answer

According to the organisation Teenage Research Unlimited in Northbrook, Illinois, the average teenager spends about £53 ($85) per week, which means the current teen economy tops approximately £88 billion ($141 billion) a year. The federal government's Jumpstart survey of over 4,000 high school seniors revealed that 32% used credit cards and 43% had access to ATM machines. Yet a huge number of teenagers do not know how to differentiate credit cards in terms of fixed or variable Annual Percentage Rates, finance charges, grace periods and so forth. They may have semi-permanent jobs, but they don't know what FICA deductions are.
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