British children 'own expensive technology'
Personal insurance
12th April 2010
Young people in the UK are spending an average of £383 a year on the latest entertainment technology.
In order to keep up with their peers, children are investing in the latest gadgets such as games consoles, music systems, downloads and mobile handsets.
As a result, homeowners should check their UK insurance policy carefully to ensure they are covered for the expanding technology collections of their offspring.
The figures from Halifax show kids in London are the biggest spenders, while 74 per cent of youngsters now own a mobile phone and 91 per cent have their own games console.
According to Halifax savings products senior manager Flavia Palacios Umana, many parents will foot the bill for portable entertainment, although some children are developing savings habits early in order to pay for the technology they want.
Homeowners are also advised to revisit their home contents policies in light of soaring gold and precious metal prices in recent years, which have pushed up the value of many items, according to a study by RIAS.
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