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Parents count the cost of teen lifestyles

New research has shown teenagers need an average of £9,000 annually to keep up with their peers.

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2 March 2009

Parents count the cost of teen lifestyles”

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According to the Guardian, this figure covers "must-have" items including a laptop, TV, iPod, DVD player and mobile phone.

In addition, the analysis of the Office for National Statistics household spending survey by the accountancy trade body AAT found teens demand approximately £240 a year for haircuts and £300 for trainers.

While the figures may have parents hurrying to hide their credit cards, experts agree there are even graver financial implications to the study's results.

AAT told the newspaper that teenagers today face "a perfect financial storm" as their lavish lifestyles coincide with recession implications of high unemployment and restricted parental spending.

In related news, the Personal Finance and Education Group has suggested that "exposure to a technologically complex financial world is turning children into 'money managers'" much earlier than their parents did.

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