PHILADELPHIA (CBS) – The nation’s economic downturn has left many families hurting financially, but what effect has it had on the spending behavior of today’s teens? Are they facing some of the same adverse consequences as the adults in their world?

A group of Archbishop Ryan High School Seniors were very candid about the circumstances they face now.

READ MORE: Philadelphia Police Commissioner Danielle Outlaw Claims She's Not Resigning, Despite Rumors Saying She Might Become New York City's Top Cop

“It’s definitely affected the way I spend my money and the way I save. I definitely try to spend less,” Jill McFarland said. “Everything is more expensive now. And especially I’m trying to save college and I need every extra dollar I can save.”

And if you think layoffs and job loss only affect working adults, Albie Belardino urges you to think again.

READ MORE: Man Shot During Attempted Double Carjacking In Holmesburg Section, Police Say

“Once it started in 2008, I wasn’t really paying attention to it too much but recently I got laid off from two jobs.”

Between saving for college and trying to buy gas, these high school students cannot afford to enjoy the same carefree existence as the generation of teens who walked these same halls  before them.

Reported by Michelle Durham, KYW Newsradio

MORE NEWS: 'It Would Destroy My Emotions To Not Come Back': Parents, Students Speak Out Against Philadelphia School District's Lottery Process