M&S Reveal their Findings from Work and Money Survey

Up to 87% of 8-18s see benefit of part-time work

The UK's 8-18 year-olds are very keen to secure part-time work before they are 18 and believe that it will help them get ahead in life by giving them valuable work and money management experience, according to the M&S Money Under-18s' Work and Money Survey 2010.

Survey highlights include:

72% (tweens) and 87% (teens) would like to have a part-time job by the age of 18
40% believe that working before they leave education will help them to get a job when they are older
One in four 8-13s and one in three 14-18s do chores to earn regular pocket money from their parents

Desire to Work

The survey reveals that 80% of all 8-18s are keen to have a part-time job before they are 18. Teenagers aged 14-18 are most likely to have a part-time job; 25% of 16-17 year olds have one and 30% of 18 year olds do. However 55% of 16-18 year olds, a far higher proportion of the age group, have tried to get a part time job in the past six months, reflecting the toughness of the current job market.

Benefits of Working

The importance of financial independence is seen as a key benefit, with 62% of Tweens and 65% of Teens aspiring to the great feeling of earning their own money.

Many Tweens and Teens also see what they do now as relevant to their future CVs and a great way to help them develop and mature. 37% of Tweens and 42% of Teens believe that working now will help them get a job when they are older, teach them to be more responsible and grow up (35% of Tweens and 44% of Teens) and help them to learn about managing money (28% of Tweens and 39% of Teens).

Top Ways to Earn Money

While 42% of 8-13s and 44% of 14-18s are given some money by their parents without having to earn it, many do work for money, with the top three routes for Tweens being ; an allowance from parents dependent on chores (39%), odd jobs around the house such as washing the car (13%) and doing chores for grandparents (3%).

The top routes for 14-18s to earn money are: An allowance dependent on chores (29%), working in a shop/restaurant (12%), odd jobs around the house (9%), paper round (7%) and babysitting (6%).

Concerns About School Work

Teenagers (14-18 year olds) are a little more concerned about the impact on their school work, with just over one in five (22%) thinking they should concentrate on their studies rather than pursue a part time job compared to 15% of Tweens. In addition, 7% of Teens think they shouldn't have to work at all, compared to 5% of Tweens.

Amanda Newman, M&S Money Head of Marketing, commented on the findings:

"We are impressed to see that 80% of today's Tweens and teens are keen to earn their own money and get a part-time job before they turn 18 years old. While focus on academic success is important, a part-time job can teach young people important life skills such as how to conduct themselves in a professional environment, a sense of responsibility and how to manage their own money.

"M&S Money is committed to helping young people tackle their finances in an informed proactive way through schemes such as DebtCred*, which educates young people about the sensible use of credit, personal financial management and the hazards of overindebtedness. We are therefore incredibly pleased that this generation appears to be learning from the mistakes of other generations and looking to take proactive steps to improve their finances."

New Minimum Wage Rates

The National minimum wage rate changed on the 1st October to the following:

workers aged 21 and over will increase to £5.93 per hour
workers aged 18 to 20 will increase to $4.92 per hour
workers aged 16 to 17 will increase to £3.64 per hour

For the first time, there will also be an apprenticeship minimum wage of £2.50 per hour, in addition to the opportunity to gain valuable work experience and improve qualifications. The new rate will apply to apprentices who are under 19 years of age or those who are aged 19 and over in the first year of their apprenticeship.

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Percentage of Law graduates in employment or further study...
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