Blog #3: Where should youth invest their money?

 

Question #1

What are the different income sources for adolescents in Canada?

For the first part of my research, I will be delving into the topic of different income sources for youth in Canada (Only some of this part may be applicable globally, as age restrictions and accommodation is different in every province and country.) I’ve decided to start with income sources because in order to invest for a long-term effect one must have some sort of income, the more stable the better as well! 

In British Columbia, A youth from the age of 16 and up can work without needing any parental permission, however, if you are younger than 16 you must have parental permission/consent from your guardian in order to work with an employer. In addition, Children from the age of 14-15 are able to do “light work” without parental consent. Light work includes any jobs varying from lawn mowing, dish cleaning, and sorting packages; Moreover, any work that isn’t too strenuous or physically tiring(1). 

Now that we have gone through important employment regulations, the next step is skills which you might need or bonuses when finding an income as an adolescent! Most jobs that are not through self-employment and are at an institution or corporate company provide training and may not need you to have certain training as it is more laborious work. Furthermore, some important skills include, coding; any basic coding of popular languages like Python and Java are very sought skills and can be learnt through videos online, all you need is a computer and free software you can download online! A skill many adolescents in Canada already have include knowing a second language, being bilingual can be a massive skill in companies looking to accommodate their customer service and some restaurants/stores will only hire employees with certain second language skills (for most, just speaking is a great addition, no need to read or write!). Lastly, a great skill that is the most adaptive and easiest for Adolescents (coming from experience) is social media marketing as well as web development! As a kid your best skill is keeping up with the present and upcoming trends, all with little to no effort! Utilizing that knowledge is a great way to not only have fun but also make some money. (2) 

If you do decide to work for a corporation, the minimum wage in British Columbia is 15.65, although I have had personal experience with friends getting paid under minimum wage as a result of being underage, if you have parental consent and are over the age of 14, you are able to work for minimum wage and nothing under that. (3) If you are facing any prejudice with your wages from your employer feel free to contact a union representative if you have one or even visit Work BC’s website to learn about your rights as a worker. (4)

After you have learned about your rights as well as the different skills you could learn for a future job opportunity, here are some jobs you can have self-employed!

  • Online-add watching: Some websites pay you to watch add’s in order to raise their watch count 
  • Pet: Dog walking or pet sitting are all great way’s to make money while having fun, and in return, you can have your employer be a close friend or someone who hires you through apps catered for such services. 
  • Tutor: A great way to not only revise a subject you already know but to help others while making some extra money on the side, all while on your own time.(5) 

Some popular jobs where you can make money online as well include … 

  • Selling products online
  • Starting a Blog 
  • Teaching a language online

These are all great solutions if you are looking for jobs which are more self-paced as well as creative(6) 

However, if you are not interested in self-employment, want to work for a corporation, or want a place to post your skills as a freelancer, you can check out websites such as Indeed, or zip recruiter which have built-in resources for resume making as well many more skills! (7) 

In conclusion, working self-employed or for a corporation as a youth provides separate experiences but are both great ways to become efficient in the workforce, learn skills, and meet new people with who you wouldn’t normally speak to! In addition to making money in order to invest in a financially stable future. (8) Although there might be some disadvantages regarding schedule and conflict with school work, most jobs are accommodating with student schedules and are legally not allowed to have you work more than 15-18 hours a week without your consent.

Hope you enjoyed reading my post!

-Sanam. M

  1. How old you have to be to work in BC. People’s Law School. (n.d.). Retrieved November 10, 2022, from https://www.peopleslawschool.ca/how-old-you-have-be-work-bc/ 
  2. indeed. (n.d.). 20 Essential New Skills to learn to advance your career. indeed. Retrieved November 10, 2022, from https://www.indeed.com/career-advice/career-development/career-advancement-skills 
  3. CBC. (2021, October 15). B.C. moves to protect young workers by raising minimum employment age to 16 | CBC News. CBCnews. Retrieved November 10, 2022, from https://www.cbc.ca/news/canada/british-columbia/young-workers-age-raise-12-16-1.6212548 
  4. WBC. (n.d.). Working in B.C. www.WelcomeBC.ca. Retrieved November 10, 2022, from https://www.welcomebc.ca/Work-in-B-C/Working-in-B-C 
  5. Omololu, E. (2022, August 11). 35 simple ways to make money as a teen in 2022. Savvy New Canadians. Retrieved November 10, 2022, from https://www.savvynewcanadians.com/make-money-teenager/ 
  6. Team, O. (2022, August 18). 12 best ways to make money online in Canada in 2022: Ownr. Ownr Blog. Retrieved November 13, 2022, from https://www.ownr.co/blog/ways-to-make-money-online-in-canada/ 
  7. Half, R. (2022, October 26). 12 best job sites in Canada for 2022. Robert Half. Retrieved November 10, 2022, from https://www.roberthalf.ca/en/blog/job-market/canadas-10-best-job-search-websites 

Brennan, D. (n.d.). Jobs for teenagers: Health benefits and safety consideration. WebMD. Retrieved November 13, 2022, from https://www.webmd.com/parenting/benefits-of-a-teenager-getting-a-job

2 Replies to “Blog #3: Where should youth invest their money?”

  1. Hi Sanam,

    I am interested in your topic and I think it’s something helpful for everyone and i enjoyed reading your insight on this. Now that you’ve talked about the different income for adolescents, it allowed me to grow my perspective on the income that is made as a young person. As younger people have less opportunities for jobs, as well as less time in order to balance schoolwork, I think that any money that is made should be reasonably spent, saved or invested for sure. Although limited with income, learning from a young age about how to invest that is defiantly beneficial. As you continue your research I think it would be interesting to also know how much money students should be investing, saving and spending from their income. I look foreward to reading more on your posts!

    -Martina

  2. Hi Sanam,

    I think this is such an interesting topic and something that is so important to learn. I’ve been learning a lot more about finance lately and I had no idea how important investing is.
    The cost of living is so high now that it can be really stressful to think about the future.
    Learning to invest your money can definitely help with that and I’m excited to learn more from your project.

    Good luck with your posts!
    Aniela

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