Teen workers in a hot summer job market can use the 'greatest money-making asset' to their advantage, says CPA

Teenagers have been choosing to strengthen their college applications with extracurricular activities or unpaid internships for years in instead of hunting for summer jobs.

Employers were almost begging for workers as the economy recovered from the pandemic, and some possibilities were too tempting to pass up

The proportion of teenagers working over the summer has increased because to more flexible work schedules and higher remuneration.

Last summer, 36.6 percent of teenagers, or more than 6 million, worked for pay at least part-time, which is the highest summer employment rate for teenagers since 2008.

based on statistics from the U.S. Bureau of Labor Statistics that were examined by Pew Research Center.

According to economists, teen employment will have another excellent summer in 2022. According to a Pew research, as of May, roughly 5.5 million 16 to 19-year-olds were already working.

To get started, Slott advises creating a Roth individual retirement account.

There are no age limitations, so anyone with a source of money, like a summer job, is eligible to donate.