Employers of Teen Workers

Need for Non Custodial Accounts for Working Teens

It's important for working teens to have access to safe financial products like a savings/checking and the option of having their checks direct deposit. They should also be provided the financial education to ensure they know how to navigate financial institutions, manage their own money, budget, save, etc.

Youth stated that this is important:

  • "So teenagers don't go to places (i.e. check cashers) where a portion of their paycheck is taken"
  • "If we have the right to work, we should also have the right to control our money"
  • "If we are old enough to have jobs, we should have accounts. We should know how to manage our money as youth since adults later have a lot of debt. If you change the fact that you teach youth now, things will change"
  • "I think that noncustodial accounts are important especially for the youth with different situations at home and that would be very helpful."
  • "Poverty would decline because youth would be educated and wouldn't fall into that financial trap. Not knowing about payday lenders creates a cycle."
  • "There are a lot of homeless people due to their financial situations (SF is very expensive). If we had better financial education, we would have a better head start."
  • "We are responsible, we can budget and manage our own money"
  • "% of adults are in debt and if they had the knowledge to manage their money, their debt will go down or they wouldn't be in debt"
  • "Important for youth who don't have parents/guardians nor families to have accounts"

Their hope is that the DOL realized the importance for teens to have access to safe financial products and get the same benefits (i.e. direct deposit) as adults.

Annotations

Refinement

Awaiting Refinement
In Progress
Idea No. 155