Children keen to share pain of austerity

Far from being a generation looking for a free handout, youngsters today are increasingly aware of the need to be responsible when it comes to money, Asda said.

Many are taking matters into their own hands. Almost half earn their pocket money by doing chores, and a quarter of 12 to 18-year-olds already have a part-time job, the report by Asda Mumdex found.

One in five in the same age group have even offered to give some of their pocket money back to their parents, and over a third have asked for fewer or cheaper presents for Christmas and birthdays.

More children also have entrepreneurial ambitions. A quarter of eight- to 18-year-olds want to start their own business, Mumdex said, and name people such as Sir Richard Branson and Lord Sugar among their role models.