Redditor's Parents Won't Let Them Access The Money They Earned Working As A 14-Year-Old

Teenagers often take their first steps into the world of financial independence through part-time jobs. Earning your own money can be an exhilarating experience, but what happens when those hard-earned dollars go missing?

At the tender age of 14, OP embarked on their first job, an experience that many of us can relate to. Eager to embrace the world of work, they entrusted the task of setting up a bank account to their mother, believing that everything was in order. However, this initial trust in their parent led to what would become a significant financial misadventure.

OP was informed that their newly established bank account would be accessible when they turned 15. This arrangement seemed reasonable at the time, and life continued as usual.

Fast forward 1.5 years, and OP transitioned to a new job, deciding to take charge of their financial affairs by completing their banking forms independently. It was then that they discovered a discrepancy in their financial situation.

Curious about their existing account, OP asked their mother for the details, only to be met with the surprising news that a new account had been created instead. This unexpected revelation marked the start of a baffling series of events.

To further complicate matters, OP's family underwent significant turmoil, leading to their decision to move out and live independently at the age of 16, which is legally permissible in some places. Determined to assert their independence, OP moved to a new location and attempted to access their supposed savings.

However, upon arriving at the bank, they were confronted with a disconcerting reality: there was only one account in their name, and it didn't contain the $2,000 they had worked hard to earn.

Bewildered and anxious, OP contacted their mother for clarification. In a chaotic exchange, it became apparent that the funds had never been transferred to OP's control.

Instead, their mother had stashed away the money, claiming it was in a savings account that OP couldn't access until they turned 16. The reasons for this decision were unclear, as OP was of legal age to possess their earnings.

OP started working at the young age of 14 and their parents took over the process of opening a bank account

u/VolumeNo1766

OP moved out to live alone when they turned 16 years old

u/VolumeNo1766

OP found out that they didn't have access to the money they made

u/VolumeNo1766

Childhood Earnings and Parental Control

Dr. Helen Lawson, a developmental psychologist, explains that parental control over a child's earnings can profoundly impact their sense of autonomy.

Research shows that when children are denied access to their own money, it can lead to feelings of powerlessness and resentment.

This dynamic can affect their self-esteem and financial literacy in the long term.

Understanding these implications can help parents reconsider their approaches to managing children's finances.

Something that OP wanted to buy for years went on sale, but their mom and dad wouldn't lend them the money for it

u/VolumeNo1766

OP's father went off on them, saying that they're a failure

u/VolumeNo1766

OP is furious, and rightly so

u/VolumeNo1766

A family therapist notes that withholding access to earned money can create a sense of mistrust between parents and children.

Studies have shown that children who feel their autonomy is restricted may struggle with decision-making and independence as they grow older.

Encouraging financial independence from an early age can foster healthier relationships and empower children to make informed choices.

OP decided to seek legal advice in an attempt to get their money back

u/VolumeNo1766

Sounds like theft to me

u/Crosseyed_owl

Time to sue your parents

u/Dry_Ask5493

The Importance of Financial Independence

Research indicates that children who have access to their earnings are more likely to develop responsible financial habits.

When parents allow children to manage their money, it helps them learn valuable lessons about budgeting and saving.

Encouraging open discussions about money can also promote a healthy understanding of finances as they transition into adulthood.

A costly lesson

u/misstiff1971

The story ultimately leaves us with a sense of frustration and injustice. OP's hard-earned money, amounting to $2,000, remains beyond their reach, locked in an account that they were told was theirs but that they can't access.

Their attempts to assert control over their finances were met with resistance, leaving them feeling powerless and frustrated.

To support healthy financial development, parents should consider creating a plan for gradually transferring responsibility for financial decisions to their children.

Establishing a clear timeline for when children can access their earnings can help manage expectations and build trust.

Involving children in discussions about financial planning can also empower them and lay the groundwork for responsible financial management in the future.

Psychological Analysis

This case illustrates how controlling access to a child's earnings can impact their sense of autonomy and trust.

Fostering financial independence from a young age can empower children and promote healthier family dynamics.

Analysis generated by AI

Analysis & Alternative Approaches

Understanding the implications of parental control over a child's finances is essential for fostering independence and self-esteem.

Research supports the notion that granting children access to their earnings can promote responsible financial habits and a sense of autonomy.

Ultimately, encouraging open dialogue about money can help strengthen relationships and prepare children for financial independence.