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'Kidflation' hitting cost of children's goods
Youngsters in Bradford are feeling the grip of “kidflation” as a study today reveals an inflation-busting hike in the cost of the things children spend their pocket money on.
Research by Santander Credit Cards discovered that common children’s purchases – such as sweets and chocolates, soft drinks and entertainment – have seen price increases over the last year, rising at a rate of 4.7 per cent, which is two-thirds faster than the Retail Price Index.
The study of goods and services typically purchased by ten to 16-year-olds showed a 5.6 per cent increase in bus fares, a 5 per cent increase in the cost of entertainment, a 4.7 per cent increase in telephone costs, including mobile phones and text messages, and a 4.3 per cent increase in the cost of sweets and chocolates.
There was also a 3.9 per cent increase in the cost of soft drinks and a 3.5 per cent increase in the cost of children’s clothing between June 2011 and June 2012, compared to just a 2.8 per cent increase on products and services in general.
Youngsters visiting the National Media Museum this weekend spoke of having to save their pocket money for longer to buy things they want.
Justin Daniel, six, of Pudsey, said: “I get pocket money every now and then, but I put my money in my money box and save it.
“When I do spend my money I like to buy toys, but I have to save up for longer because they cost a lot.”
Jawad Soomro, ten, of West Bowling, said he and his brother Hammad, six, were having to wait longer to save up to buy computer games.
Santander claims “kidflation” has risen by 19.7 per cent in the past four years, compared to 11.7 per cent on general products and services.
Its research also found the average child aged between ten and 16 received an average of £9.08 a week pocket money. But more than a third of parents say they have reduced their children’s pocket money in the past year due to difficult financial circumstances.
More than a third of parents have bought fewer toys and games for their children and 33 per cent have reduced the amount they spend on their children’s birthday or Christmas presents.
Mum-of-two Helen Barraclough, 34, of Shipley, said she would probably spend less on gifts for her children this year because of the increased cost.
“You don’t get as much for your money as you used to,” she said.
“It’s not right that things for children are going up in price more than other things. It’s not fair on them.”
Alan Mathewson, CEO of Santander Cards, said everyone tended to focus on the impact of inflation on the adult world but often overlooked the effect on children.
“The costs of everyday purchases made by children have been rising at a rate that significantly exceeds that of inflation in general, and children are also heavily affected by the reduced amount of money being spent on them by their parents because of difficult financial circumstances,” he said.
WHAT YOU THINK:
“I don’t get pocket money, but I get treats like sweets and chocolate from my mum. Buying them individually at the corner shop is really expensive, so she buys it in bulk.” – Khalid Karim, 11, of Great Horton
“I get given money sometimes, which I spend on things like sweets and games and books. Sometimes I have to save my money for a while to be able to buy things.” – Daniel Howard, four, of Steeton
“I sometimes get given pocket money, but I have to save up and wait to spend it on the things I want and I also give some money to charity.” – Saria Soomro, ten, of West Bowling
“I get a monthly allowance and I usually spend it on going out with my friends and getting food while we’re out, but things are getting more expensive. – Chloe Longden, 16, of Sheffield
“I get 50p a day but I save it to buy Lego and Skylanders. If I want to buy something I have to save up for it.” – Sid Dawson, eight, of Halifax