Children 'see luxuries as necessities'
Parents may be emptying their savings accounts to provide their youngsters with items that would at one point have been seen as luxuries, a new report indicates.
The Australian Institute of Family Studies (AIFS) revealed that the younger generation of Aussies find it increasingly difficult to differentiate between desirable and essential items.
In an article published in In Psych magazine, director of the AIFS Professor Alan Hayes observed: "Some of 'yesterday's luxuries' have become 'today's necessities' for many current or prospective parents (eg one bedroom for each child) – and some of today's 'necessities' had not even been invented 'yesterday'."
As an example of this, he cited the rise in advanced mobile phone technology and the desire of young people to own a hi-tech device.
This may be placing extra strain on the savings accounts of parents, as a recent piece for the Australian reported that some gadgets in Australia can cost up to 50 per cent more than they would in the US.
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