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Use your loaf

While teenagers may well know how much an iPad or PS3 game is, when it comes to everyday objects, some don't have a clue.

A survey has found that over 50 percent of teenagers don't know that a loaf of bread costs over £1, with one in ten thinking it was around 29p. The study suggests that when these teenagers get to university, or start an apprenticeship, they'll be in for a rude awakening. Around 40 percent of those polled thought washing powder was half the price it actually is.

'It’s worrying that teenagers know so little about the costs of everyday goods,' said a spokesperson for T-Mobile, the company which carried out the survey.

The All Party Parliamentary Group on Financial Education has its sights set on introducing financial education classes in school, something that is currently not on the national curriculum. The group's chair, Justin Tomlinson MP, had this to say: 'Young people are entering an increasingly complex financial world of store cards, mobile phone tariffs, credit agreements and financial marketing. Through my MP casework, I have seen first-hand the implications for those who have made poor decisions, too often through a lack of understanding.'

The study also found that three in ten teenagers were spending £10 a month more than the figure agreed with their parents, with 70 percent not aware of how much their price plan is.

It wouldn't have happened in my day, I can tell you.

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