Recession hits kids' bank accounts

Youngsters have not been unscathed by the economic downturn, with cuts to their pocket money affecting their savings accounts, it has been revealed.

A new study by the Cartoon Network showed that financial worries were among the prime concern of Australian children.

Some 19 per cent of them said the global economic crisis was the most important world issue, followed by the environment, poverty, war and natural disasters.

The research also showed that many have experienced a cut in their allowances, which could have been put into trusts or high interest savings.

Furthermore, there has been a 48 per cent increase in the number of youngsters turning to work to supplement their income.

Cartoon Network research manager Peter Hammer said: "It seems that tweens have not escaped the effects of the global financial crisis."

Two boys may not be facing the same problem after they discovered a bag containing $100,000 while fishing at Tuntable Creek. The police said they may be able to claim the money if the owner is not found.

This article is brought to you by Mozo – Helping you compare savings accountsADNFCR-1761-ID-19380142-ADNFCR