Cost of living is mystery to kids

Two thirds know how much an Apple iPod mini costs £179 but three quarters have no idea about the price of a pint of milk 31p at the Co-Op in Old Town.

And one in eight thinks that "being in the red" means being embarrassed.

The research by ICM also shows that more than half of the teenagers questioned admit to fleecing their parents for money at some time.

However it also reported that 75 per cent of them take part time work to pay back the money they have borrowed.

John Beckett, a committee member of the Parks and Walcot Credit Union, an organisation which helps over 18s with money troubles, said: "Trying to get younger people to save is the important thing. It's too easy for them to get in debt.

"It is a concern to organisations like ours. You have got to get it into them that they have to save.

"But at that age getting them to save and not waste money is not easy."

The research also showed that many teenagers have expensive habits and hobbies to maintain.

About 88 per cent own a television, 86 per cent a stereo and 84 per cent a mobile phone.

Teenagers here in Swindon reflect those involved in the survey.

Seventeen-year-old Kelly Richman, of Haydon Wick, who thought a pint of milk was 40p but had no idea of the cost of an iPod Mini, said: "I haven't got a good grasp on money at all. I spend more than I get.

"I borrow off my mum one month and end up having to pay her back the next."

And Jemma Ward, 18, of Ferndale Road, who also thought a pint of milk was about 40p and an iPod Mini £200, said: "I never know how much I've spent.

"The other day I went to draw out £20 from my bank and I only had 24p.

"I don't have an overdraft but my mum and dad do help me out."

Kaylee Ramsay, 17, of Rodbourne said a pint of milk was 40p and an iPod Mini about £170.

She said: "I am not sensible with money at all.

"When I get it I spend it far too quickly and I never have anything to show for it.

"I just enjoy spending it too much."

Gareth Bethell