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Teenagers' Financial Challenges Explained

Teenagers face three main challenges in learning to live within their means: not having enough money, lack of budgeting skills, and not understanding the value of money. They do not have sufficient funds to purchase expensive trendy items they see advertised. They also overspend without budgeting by spending too much on eating out, entertainment, and leisure. Additionally, teenagers fail to understand how to use their financial resources wisely for their goals and the hard work it takes to earn money. These challenges can lead to misfortune if not addressed.

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AZDAHTUL AINI AZMY
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1K views3 pages

Teenagers' Financial Challenges Explained

Teenagers face three main challenges in learning to live within their means: not having enough money, lack of budgeting skills, and not understanding the value of money. They do not have sufficient funds to purchase expensive trendy items they see advertised. They also overspend without budgeting by spending too much on eating out, entertainment, and leisure. Additionally, teenagers fail to understand how to use their financial resources wisely for their goals and the hard work it takes to earn money. These challenges can lead to misfortune if not addressed.

Uploaded by

AZDAHTUL AINI AZMY
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
  • Group A's Speaking Test
  • Group B's Speaking Test

Group A’s Speaking Text

Talk about the challenges teenagers face when it comes to learning to live within their
means.
A very good morning I bid to everyone. Today, I would like to talk about challenges
that adolescence face in terms of learning to live within their means. In my opinion, there
are three main challenges which are not having enough money, budgeting and realizing
the value of money.
First and foremost, the challenge that teenagers face to learn to live within their
means is they do not have enough money. For example, when they see the latest trend
like i-phone, or fashion like Balenciaga on social media, or see their favourite influencers
use their expensive things, they also want to follow it. In this case, they think people
might label them as outdated or old-fashioned since a lot of teenagers the same age as
them can afford to buy expensive things. Hence, lack of money indeed is the challenge
that the teenagers face to learn to live within their means.
Other than that, budgeting is one of the challenges for the teenagers to live within
their means. This is because the teenagers spend their money out of their budget. For
instance, the teenagers overspend money on non-essential items such as spending too
much on eating out, entertainment, shopping or other leisure activities. The reason is the
teenagers have been influenced by the social media because they want to gain attention
from the others about their appearance. Thus, budgeting is the reason why learning to live
within their means is a big challenge among the teenagers.
Moreover, realizing the value of money is also one of the challenges faced by
teenagers today. To realize the value of money requires more than just obtaining it, but
also knowing how to use it wisely. Teenagers somehow fail to see what their goals are and
how they can use their financial resources to achieve them. Additionally, it is crucial to
understand how money can change the teenagers both on a personal and societal level. To
illustrate, teenagers simply spend money recklessly without thinking about how hard it is
for their parents to obtain the money. Ultimately, teenagers need to realize that the value
of money involves more than just accumulating it, but understanding its impact and effect
in the world around teenagers.
In essence, teenagers tend to have issues like not having enough money, lack of
budgeting and not realizing the value of money they received. This will lead to miserable
misfortune and teenagers will not have the best life if they do not pay any mind on what
they do and spend. That’s all from me. Thanks for lending me your ears and have a good
day.
(Group 1, 2, 3, 4 & 5)
Group B’s Speaking Text
Talk about the challenges teenagers face when it comes to learning to live within their
means.

A very good morning to examiners and other candidates. Today, I would like to talk
about the challenges that teenagers face when it comes to learning to live within their
means. In my humble opinion, there are three main points that show the challenges
teenagers face in everyday life which are not having enough money, budgeting and
realizing the value of money.
Basically, the challenge teenagers face today is not having enough money. It is
when they spend more money than they have or more than what is planned or agreed.
For instance, they are tempted to the promotions or sales on social media such as an
advertisement on TikTok, YouTube or others. Consequently, that can give a big impact to
their financial savings for their future emergencies.
Furthermore, creating a budget is an essential part of managing finances as
teenagers especially if they have no or limited income. Creating a budget as a teenager can
seem like a daunting task. However, by planning and setting realistic financial goals, it is
possible to manage their money effectively and ensure that it lasts throughout the month.
For example, they can start by making a list of their month’s expense including things like
rent, transport and food. Hence, despite this challenge, teenagers who learn how to
manage their finances and establish a budget can gain important financial knowledge.
Last but not least, realizing the value of money is another challenge for teenagers.
This is because of the norm that parents always support their children since they do not
want their children to have financial shortcomings whenever they need to buy anything.
To illustrate, parents tend to allow children to overspend from their pocket money like
buying a lot of toys, food, and anything that their children want. If parents cover all the
expenses, the teenagers may not realize the cost of the things and therefore, they struggle
to understand the value of money.
In conclusion, teenagers should be independent in finding money to keep expenses
under control and saving their own money for future use or emergencies because these
strategies can help teenagers to be more frugal and wiser in spending money. Hence,
teenagers will realize that the value of money is vital, so they can learn how to live within
their means. Thank you.

(Group 6, 7, 8, 9 & 10)

Common questions

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Not realizing the value of money impacts teenagers personally by fostering poor financial habits, leading to potential future financial instability. Ignorance of money's worth can result in reckless spending without thought for long-term consequences. Societally, this may perpetuate cycles of financial dependency and lack of economic contribution, as teenagers grow into adults who continue to mismanage finances due to this foundational understanding gap .

Societal perceptions described include the pressure to keep up with peers by spending on trending items like expensive gadgets and fashion. This peer pressure, driven by social media and societal norms, leads teenagers to equate spending with social acceptance and status, creating a challenge in appreciating money's real value and living within their means .

The long-term implications for teenagers who do not address challenges in living within their means include financial instability, poor credit ratings, ongoing debt, and dependence on others. These issues can hinder their ability to achieve financial independence and contribute to societal economic health, potentially impacting their quality of life and future opportunities .

Social media influences the spending habits of teenagers by tempting them with advertisements and promotions seen on platforms like TikTok and YouTube. Teenagers feel pressured to keep up with trends and appearances, leading to overspending on non-essential items. This peer pressure exacerbates their inability to budget effectively and live within their means .

The three main challenges teenagers face in learning to live within their means, as discussed in the documents, are not having enough money, budgeting, and realizing the value of money. Lack of money often leads teenagers to want to buy expensive items to fit in, budgeting is difficult due to influences like social media and lack of experience, and realizing the value of money involves understanding its importance beyond mere accumulation .

Both groups emphasize the challenge of teenagers not realizing the value of money but approach it from slightly different perspectives. Group A stresses personal responsibility in recognizing spending patterns, while Group B highlights parental influence as a barrier. Group A suggests a more individual-centered approach, whereas Group B suggests shifts in parental support to enable better financial realization among teenagers .

The lack of budgeting contributes to financial insecurities among teenagers by preventing effective money management and leading to overspending. Without a budget, teenagers are unable to plan for expenses, resulting in frequent financial shortfalls and inability to save for future emergencies, reinforcing a cycle of financial instability .

Budgeting can help teenagers manage their finances better by allowing them to set realistic financial goals, track expenses, and ensure their money lasts throughout the month. However, obstacles include lack of financial literacy, peer pressure to spend from social media influences, and often limited income that makes it challenging to allocate resources effectively .

Parental support can inadvertently challenge teenagers in realizing the value of money by consistently covering their expenses. This behavior may prevent teenagers from understanding the cost and effort associated with earning money, leading to overspending and a lack of appreciation for financial management. When parents fulfill every financial need, teenagers may struggle with financial independence and understanding money's value .

Strategies suggested include encouraging independence in earning money, establishing a budget, and saving money for future needs or emergencies. These strategies can be effective in real-world application by teaching teenagers financial responsibility, improving financial literacy, and reducing dependency on parental support. As teenagers learn to manage finances, they are more likely to develop sustainable financial habits and understanding .

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