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Teens wealthier than ever

Today's teenagers are wealthier than ever before, with an average spending power of £1,000 a year, just from pocket money, presents and part-time jobs, according to an MTV poll.All this wealth has prompted fears that many do not know the value of money, with three-quarters knowing the price of an iPod classic, but the same figure having no idea how much a pint of milk would cost.However, as many as two-thirds of all those surveyed - and a third of under 16s - worked for some of their money.According to figures, the average teenager spends £360 on going out each year, £350 on their appearance, but as many as 40 per cent splash out a worrying £260 on alcohol and 18 per cent spent £240 on cigarettes. The poll also showed a significant divide between the money available to rich and poor teenagers, with wealthiest ten per cent of teens getting an allowance of a staggering £1,476 a year, while the poorest ten per cent received about a tenth of that, at an average £144.

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