By Monika The Abbey School, Reading, Berkshire

Monica asks students if they are feeling the economic pinch

Over the past few months, since last summer, adults have been worrying about the credit crunch.

Some teenagers from the age of 15-18, may feel like they have been hit hard by the credit crunch.

Some younger teenagers around the age of 11-15, may feel the stress that the credit crunch is causing their parents. And some young children won't have felt anything at all.

No more handouts

According to AXA research, mum and dad's bank has been forced to cut down or completely stop handouts to offspring.

Therefore, many young teenagers are not receiving any pocket money.

I feel really guilty and wish I had chosen a grammar school Diana, 13, from Luton

Seventeen per cent of parents have reduced the amount of pocket money given in the previous 6 months and 21% claim to have encouraged saving.

One in 10 parents of 16 to 18-year-olds say they have stopped giving pocket money.

One in six parents of 11 to 15-year-olds say they have cut down purchases outside the usual allowance.

However, The Skipton Building Society found that 89.9% of children received the same or more pocket money than last year.

School choices affected

Parents are deciding whether or not to send their children to private schools or grammar schools.

Children are having to sit entrance exams such as the 11+ because of the expense of the private schools.

Diana, aged 13, from Luton says: "Two years ago, when I was applying for secondary schools I applied for two private schools and one grammar school.

"I had never heard of the credit crunch back then. I had never even heard my parents talking about the expensive fees that they would be paying, so I was quite comfortable with going to a private school.

The Rankines had 13 credit cards

"But now every night I hear my parents argue about whether I should stay in the private school or go to a grammar school. Now I feel really guilty and wish I had chosen a grammar school."

Activities axed

According to the Family Holiday Association, the number of families going on holiday this year is likely to fall due to the impact of the credit crunch.

Children and teenagers, aged from six to 18, would have really looked forward to going on holiday all year, but most of them are probably going to be, or have been, disappointed.

WHAT CHANGES ARE PARENTS MAKING? 17% have reduced pocket money in the last 6 months 21% claim they encourage saving 1 in 10 parents of 16 to 18-year-olds have stopped pocket money 1 in 6 parents of 11 to 15-years-olds have cut purchases outside usual allowance

Children are also disappointed that their parents are saying no to simple, everyday activities like swimming or bowling.

Young children may not understand the reason why they can't even take a trip to the beach when older children and teenagers know that it is purely because of the high fuel prices.

Teenagers from the age of 15 to 18 have to take up employment on Saturdays in order to pay mobile phone bills.

Teenagers that are employed are earning about ?100 a month - 25% of that is spent on further mobile phone bills.

Monica (right) with fellow School Reporters at The Abbey School

Age and impact

Children and teenagers from the age of six to 18 are being affected by the credit crunch.

The younger children, around the age of six to 10, are probably upset about the fact that they are not going on holiday this year.

Some young children may understand that the prices are soaring high this year, but perhaps they are not so sure why they can't just take a drive to the beach, until their parents tell them about the fuel prices.

Older children and teenagers from the age of 11 to 15 are probably a little more understanding; therefore they may be worried about the price of their secondary school if they go to a private school.

Perhaps they are worried about the electricity costs so they are trying to turn off all the lights around the house.

Maybe some teenagers are trying not to spend unnecessary money on the high street.

Older teenagers are probably trying as hard as they can to take up employment on Saturdays to earn money and ease the pressure on their parents to provide them with 'entertainment funds'.

Although the economic climate has impacted differently on teenagers and children, the fact that it is affecting them is undeniable.

We can only hope that these hard times end soon and ease the pressure on families and individuals alike.

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