(WHTM) — Americans are dealing with the effects of inflation. With the threat of a recession, there are things teens can be doing now to save themselves in the future.
Michael Frost is the executive director of Insight Pennsylvania Cyber Charter School. He says the current economic situation presents an opportunity for students.
“If we are headed towards a recession, it’s a great way for teens to prepare to maintain a budget, set a budget, manage credit, maintain healthy financial habits, so that way, in both good financial times and bad financial times, they have great habits,” said Frost.
The economy affects young people in many ways, especially if they’re looking for work. “During recessions, unemployment rates tend to spike, and for teens who are looking for jobs right now, it’s a great opportunity for them to build a well-rounded resume,” Frost said.
Frost says now is also a great time to plan ahead and think about recession-proof careers.
“A recession-proof job is the type of job where in both good times and financially rocky times, that those industries tend to be difficult to either outsource, they are difficult to cut,” Frost said. “Economists are predicting industries like heath care, government, IT, and education are the most recession-proof industries.”
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Frost says students can start preparing now to pursue recession-proof careers in the future. Whether they’re continuing their education or going straight to work out of high school, Frost says it is good for teens to start planning while they have plenty of time.
It’s important to talk to kids at a young age about finances and jobs, Frost says.