Virus duds teens of jobs and pocket money

Daniel McCulloch
(Australian Associated Press)

 

Teenagers scratching for cash during the coronavirus pandemic have copped it with both barrels, losing their jobs and pocket money.

One in seven Australian teens have lost their jobs during the pandemic and the same amount have had their hours cut.

Parents struggling to make ends meet have also turned off the financial tap or stopped paying for their childrens’ mobile phones.

The Financial Basics Foundation surveyed 1000 parents and teens as part of Suncorp’s push to improve the decisions people make around handling money.

More than half of teenagers have been unaffected by the financial crisis.

But between 13 and 15 per cent have been sacked, had their shifts slashed or pocket money stopped.

Two per cent of teenage respondents have given up their mobile phones.

A quarter of parents feel very anxious about their child’s financial future and have not shared their money worries with their kids.

More than half of parents surveyed have accessed financial support during the pandemic including government payments, rent or mortgage relief, superannuation savings, free child care and payday loans.

About 44 per cent said they were just getting by during the crisis while 13 per cent were struggling to stay afloat.

The survey found 17 per cent of households were spending and saving less, while a quarter said the pandemic had no impact on their household finances.

 

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