Mar 30 2009
Parents saving for their children are being told that children's inflation has been lower than the retail price inflation over the past decade.
Research from the Halifax shows prices paid for the goods and services typically used by children have risen by 22 per cent in the last ten years, compared to a 32 per cent increase overall.
The cost of four in ten key spending categories has fallen during this period, with games and toys, mobile phones and their related charges and music and DVDs all showing a decline.
Figures published by Tescocompare.com recently showed that despite the credit crunch parents are still putting aside savings to help their children buy their first car.
Almost seven in ten drivers aged between 18 and 24 have their own car by the age of 19, while their parents were more likely to have waited until they were 25 to get their wheels.
Debra Williams from Tescocompare.com says young drivers are also more likely to end up with a first car that is "more modern and reliable" than the previous generation's.
