Teens choose saving over spending

Students on campus seem to pack their schedules so full that it’s almost standard to hear friends bragging about their latest all-nighters or their crammed calendars. But in addition to hours shuffled between class and extra-curriculars — from volunteering and student government to Greek life and Smokes — a growing population of students are also working an extra shift.

As the latest casualty of the economic downturn, more and more students are seeking paying jobs off campus as a way to support their living expenses and spending habits.

And many are having to look beyond the lucrative — but competitive — work-study jobs around campus for potential employers.

For example, College senior Stacy Naughton started working at Hollywood Tans, a downtown tanning salon, a year-and-a-half ago as a way to pick up a little extra spending money.

“I’ve always spent my summers working and saving up money for the school year,” she explained.

“But a year-and-a-half ago, I thought it would be smart to have a part-time job just to have that little extra cushion.”

Naughton also joked that tanning has always been a guilty pleasure, so keeping a job with free tanning perks helps her cut back on her monthly expenses.

Similarly, College senior Meg York looked to combine her interests with a little extra cash flow, working as a student-teacher at a West Philadelphia public high school.

“I’m also considering teaching in the future so it’s a great way to get paid for community service that I actually enjoy doing.”

But, York admitted, “I might not have done it if I wasn’t getting paid for it.”

York said the employment is part of her long-term plans to be able to afford a place of her own after graduation.

In addition to the job, York is also currently cutting back on impulsive shopping.

“Now I automatically send all those e-mails from online shopping sites directly to the trash,” she joked. “Otherwise they’re too much of a temptation.”

And York’s situation certainly patterns recent trends: studies done by youth-focused research firm Teenage Research Unlimited suggest that two-thirds of our generation are “somewhat” or “very concerned” about personal finances — a concern that only increases in the group of on-campus twenty-somethings.

Teens normally account for a significant chunk of the retail industry, spending over $125 billion each year, according to retail research by QMS partners, a market-research company headquartered in Pennsylvania.

The economy, however, is bringing changes: spending is down by 14 percent this spring compared to last.

But the benefits of having a part-time job extend beyond the extra income, explained Naughton.

She said the extra time spent on the clock — anywhere from fifteen to twenty hours a week — has been an asset in her post-graduate job search.

“Employers are generally impressed with the fact that I held down a part-time job while working in college,” she said.

“Plus, it gives me a little extra something to talk about.”

In fact, Naughton even got a lead for a potential job through one of her clients. She admits that although the job occasionally cuts into her school and social time, it’s ultimately worth it.

While some critics say that having a job outside of school life might be detrimental to both the student’s studies and their irreplaceable college experience, others argue that student employment can be crucial to preparation for life after graduation — both professionally and financially.

But if one aspect of being a college student has not changed on Penn’s campus, it’s caffeine consumption for those after-work all-nighters: in an October survey conducted by Piper Jaffray Companies, Starbucks reclaimed the number one spot among coffee competitors and was the brand preferred by teens.

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