The survey of over 300 teenagers found that two-thirds could state the exact price of an Apple iPod mini, whilst three-quarters couldn’t imagine how much a pint of milk costs.

Sesame Services, a network of financial advisers, carried out the report to mark the launch of its book Money, Money, Money, a copy of which is to be given to every secondary school and further education college in the UK as part of an initiative to improve young people’s understanding of financial issues.

“Our research demonstrated that while teenagers know the price of desirable items, they have no concept about the cost of everyday goods,” Stuart Bitsham, the book’s editor, stated.

The research also revealed that teenagers might not know the price of milk, but they are adept at milking their parents for money.

More than half the teen respondents admitted ‘fleecing’ their parents for cash, whilst 85 per cent of their parents were none the wiser, believing their children would never do such a thing.

On a more positive note, three-quarters of the young people said they would take part-time jobs to repay debts to their parents – indicating that they might not be as out of touch as they seem.

Start here to get your teenager more informed about credit card deals.
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