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UK kids buy iPods with pocketmoney – so much for credit crunch!

The Telegraph today reported on a survey undertaken by Halifax around peoples saving and spending habits, and they can report that kids in the UK today are getting higher amounts of pocket money that they use to buy high end gadgets, such as the iPod, game consoles, and mobile phones.

I remember growing up myself when pocket money was just about enough to buy some candy on saturday, and perhaps put a few pennies in the piggy bank for a rainy day. If we wanted something else we would have to work for it and save up to buy it.

Kids today, even in the credit crunch, seem to have different priorities, and who can really blame them as our society is very much focused around a possession culture where your identity is very much reflected in your possessions.

Take the iPod for example, which has grown into becoming an iconic gadget representing an image of someone who is trendy, up to date, urban, and young, even though you find people of all ages and social classes having iPods. Our gadgets have become a necessity not to be excluded from our peer groups, or the people that we aspire to be like, or liked by.

Even though the average amount of pocket money received by kids in the UK have risen from £1.18 per week in 1987 to £6.13 per week in 2008, with a slight decline in the last credit crunch ridden year, one would still have to say all ones pocket money for 20 weeks to afford a 4th gen iPod Nano 16gb, or about 35 weeks to afford a 2nd generation iPod Touch 16gb.

Could you give up candy, cinema, and other small  treats for that long to save pocket money?

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