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Children 'know about Christmas crunch'

Many children are aware of the financial crisis and are downgrading their expectations for Christmas gifts as a result.Liverpool Victoria (LV=), an insurer and investment firm, said that two thirds of under-18s know that the economy is in trouble at the moment.What's more, 44 per cent said that they were expecting less of a present haul for 2008.Even among those eight to ten-year-olds who still believed in Father Christmas, 25 per cent knew that they might not find their ideal gifts under the tree.Other plans put forward by some under-18s to help their parents make ends meet included cutting their own pocket money or taking on part-time work.Mike Rogers, chief executive of LV=, said: "Children are surprisingly clued up about the credit crunch and the impact it is having on Christmas and on family life generally. "It is humbling to see that so many children are doing their bit for the family."

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