Teen Spending Hit a 40-year Record Low Due to the Pandemic

*The following is excerpted from an online article posted on USA Today.

The Gen Z age group reports having spent less money in 2020 than any other year of the past two decades, according to Piper Jaffray’s 40th biannual “Taking Stock with Teens” research report.

The data captures reported spending results from 9,800 people ages 13 to 19. Participants hail from 48 states and households with an average yearly income of $67,500.

Between Aug. 19 and Sept. 22, 2020, teenagers reported spending at an all-time survey low of $2,150. That’s down 9% from $2,371 spent in 2019, the survey says. Yearly reported spending by teens peaked in spring 2006 at $3,023, the data shows.

Just under a quarter (23%) of teens this year said their ability to work part-time was affected by the pandemic. While young people cut back spending on food, concerts, and events, they’re spending more money on video games, movies, and room decor, according to the survey.

Consistent with other years, teens primarily spent their money on clothes and food.

Source: USA Today

Help us reach the next generation of families

Back to Top

[reposted by] Jim Liebelt

Jim is Senior Writer, Editor and Researcher for HomeWord. Jim has 40 years of experience as a youth and family ministry specialist, having served over the years as a pastor, author, consultant, mentor, trainer, college instructor, and speaker. Jim’s HomeWord culture blog also appears on Crosswalk.com and Religiontoday.com. Jim and his wife Jenny live in Quincy, MA.

  • About HomeWord

    HomeWord helps families succeed by creating Biblical resources that build strong marriages, confident parents, empowered kids and healthy leaders. Founded by Jim Burns, HomeWord seeks to advance the work of God in the world by educating, equipping, and encouraging parents and churches. Learn More »

  • Support Our Mission

    HomeWord is non-profit, donor supported ministry. If you would like to partner with HomeWord in our effort to help more parents and families you can make a donation. Your investment will allow us to expand this ministry by offering more resources to families and churches in need.

  • Contact Information

    • HomeWord
      PO Box 1600
      San Juan Capistrano, CA

    • Send us an email

    • 800-397-9725
      (M-F: 8:30am-5pm PST)