More teens are trading summer jobs to build their college résumé — here's why it might not pay off in the long run

pulse

June 27, 2017 9:31 PM

Teenagers who work earn more than just a paycheck. Summer jobs teach valuable life lessons as well.

Summer jobs are worth more than the paycheck

But now, teens are less likely to have a summer job than they were even 15 years ago.

In 2000, just over half of teens between the ages of 16 and 19 had a paid summer job. The amount of employed teens dropped to its lowest — 30.4% — in 2011, and has ticked up slightly since then. Last summer, 34.5% of teens were able to find work during the summer, according to the Drexel report [PDF].

Teenage summer employment peaked in 1978 at 71.8%, according to data from the Bureau of Labor Statistics

But there's a lot to be said for the value of a summer job, especially when it comes to long-term financial success.

As I told CBS anchors Anthony Mason and Dana Jacobson, I work with the smartest people in New York City, and some of them went to the very best schools, so I can appreciate getting into a good college. But just earning a high salary isn't enough to be financially independent. You really need to understand — and it sounds cheesy — the value of a dollar. And how to manage your money — how to save your money.

Even if you're making minimum wage and bringing home $50 a day, having a summer job will teach you those sorts of lessons.

Watch the full conversation below:

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