PJ Media

Kids and Money

I read in a href=”http://articles.moneycentral.msn.com/CollegeAndFamily/RaiseKids/WhyYourKidsExpectToBeRich.aspx”this MSN Money article by Liz Pulliam Weston /a that the average teen is expecting to make a six-figure income: br /br /blockquoteI refer to tidbits from the “Teens and Money” survey Charles Schwab released earlier this year. This poll of 1,000 Americans aged 13 to 18 from a variety of socio-economic backgrounds found that 73% believed they would earn “plenty of money” when they were adults.br /br /In fact, the teenage boys expected to make an average $174,000 annually. Teenage girls expected to earn $114,200./blockquotebr /br /But the reality of the situation is:br /br /blockquoteFewer than 5% of the U.S. population makes more than $100,000, according to the bureau. Only one household out of six report a six-figure income, according to the Federal Reserve’s 2004 Survey of Consumer Finances./blockquotebr /br /Wow, these salaries seem pretty high, especially given the occupations that were most popular among the teens: doctors, nurses and medical technicians, technology (including jobs in programming, network operations and computer repair) and teaching, the three career fields that most interested the kids polled. br /br /Notice that the boys think they will be making significantly higher salaries than the girls–perhaps their expectations may be even more unrealistic than the girls–that is, the girls may be more realistic about what they will earn or maybe the boys are just willing to ask for more.