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Credit crunch to hit teenagers
11 July 2008
Teenagers will no longer be able to rely on their parents to fund their summer holiday activities, according to a financial advisor.
Research by AXA revealed that because of the credit crunch 17 per cent of parents have reduced their child's pocket money while one in ten with children aged between 16 and 18 have stopped giving an allowance altogether.
Alison Green of AXA said: "The Bank of Mum and Dad has so far been quiet on the issue of how it will deal with the effects of the credit crunch. But now it has come out and shown teenagers have been hit hard."
Teenagers are now being forced to save for the first time in order to afford luxuries previously provided by their parents.
"Parents find their finances stretched to breaking point for the first time in years. Parents are getting tough and kids are not going to like it," said Ms Green.
Parents reaching retirement age are most likely to curb spending on their children, according to AXA.
