More parents are teaching their teenagers about personal finances to ensure they can stay clear of debts during the credit crunch.
Research from Natwest has shown that many parents are giving their children larger allowances but at the same time making them manage their own finances and cover certain costs such as travel, school uniform and other essential purchaes.
Mark Worthington from Natwest commented, "Parents are keen to get their children used to more day-to-day banking products, so they can learn about the importance of budgeting and seeing where their money goes."