Recession or Not, the Kids Keep Spending
December 6, 2009
KIDS HIT PIGGY BANKS TO KEEP SPENDING HIGH
David Wooding, writing for the Sun in London, reports on a recent study at the London School of Economics which reveals that children are apparently a significant factor in boosting the British economy.
According to the study, which was commissioned by 02 Money, children in the United Kingdom get an average of £6.84 a week in pocket money, but they are currently spending an average of £13.10 a week. During 2009 alone youngsters have contributed £4.89 billion to the British economy-an amount that's twice the value of the U.K. toy industry.
While their parents are cutting back on their spending for food, clothing, and transportation during the current recession, the youngsters are apparently dipping heavily into their savings in order to maintain their lifestyles.
"The most popular items bought across all age groups are sweets," Wooding reports, adding that "One in ten under-15s has made an online purchase" as well.
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