New Study from Fintech Firm Finds Majority of Teens and Young Adults have Summer Jobs

CHICAGO, June 13, 2018 /PRNewswire/ -- Are young people still holding down summer gigs? According to a recent survey from the finance experts at OppLoans, 63 percent of teens and young adults have a job lined up for the summer – who said kids these days were lazy?!

The survey, which looked at 1,000 Americans between the ages of 14-24, revealed that young people plan on working hard this summer – and no, they're not just planning on becoming YouTube stars or Instagram influencers. Most respondents said they'd be working traditional jobs, with more than 50 percent reporting summer jobs in food service, retail or the childcare industry.

By the end of the summer, these young hustlers expect to make an average of $4,037. Survey data showed they plan to save at least 57 percent of their summer income, and hoped to have an average of $2,301 in the bank by the time school starts in the fall.

And they'll be using these savings wisely: 45 percent of respondents said they plan to use their summer earnings towards college tuition or living expenses, and 16 percent said they'll be using the money to help support their family.

While the majority of young people across the country said they planned to have a job this summer, the OppLoans team was surprised by some of the regional differences.

"Our data showed that young people in the Midwest were the most likely to have summer jobs, at 69 percent," said Caroline Thompson, who led the OppLoans research team.

Teens and young adults in the Northeast came in second, with 67 percent, and 63 percent of young people in the West said they had a job lined up for the summer. In contrast, just 57 percent of young people in the Southern U.S. reported summer employment.

If you're wondering what teens and young adults who aren't working this summer are up to, 29 percent of respondents who did not have a summer job said they planned to relax. Others will be taking classes, preparing for the upcoming school year, volunteering or traveling.

Check out the full survey results – including a super-shareable infographic and a detailed data breakdown – over at Financial Sense, the OppLoans blog!

OppLoans is one of the highest-rated online lenders and service providers in the industry. With faster funding, significantly lower rates, total transparency, and unmatched customer service, OppLoans provides non-prime borrowers a safe and reliable alternative to payday lending.

For more information regarding OppLoans, please visit OppLoans.com, email John O'Reilly, or call (312) 212-8079 extension 818.

Opportunity Financial, LLC
130 E Randolph St, Suite 3400
Chicago, IL 60601

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SOURCE OppLoans

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