Children asking for cheaper gifts

Children are handing back pocket money and asking for more modest birthday and Christmas presents to spare their parents during the economic downturn.

Far from being a generation looking for a free handout, youngsters today are increasingly aware of the need to be responsible when it comes to money, Asda said.%VIRTUAL-SkimlinksPromo%

Many are taking matters into their own hands. Almost half earn their pocket money by doing chores, and a quarter of 12 to 18-year-olds already have a part-time job, the report by Asda Mumdex found.

One in five in the same age group have even offered to give some of their pocket money back to their parents, and over a third have asked for fewer or cheaper presents for Christmas and birthdays.

More children also have entrepreneurial ambitions. A quarter of eight to 18-year-olds want to start their own business, Mumdex said, and name people such as Sir Richard Branson, Lord Sugar and David Beckham among their role models.

Parents also believe that the recession has made their children more financially savvy and responsible.

Two thirds of mums of youngsters between 12 and 18 say their children are aware that the family is having to watch the pennies, while half believe they are more aware of money and its value as a result of the economic gloom.

Many children are helping their parents save when it comes to shopping, telling them about promotions in supermarkets and helping them shop online.

But parents want schools to play a bigger part in teaching their children about finance and budgeting.

Three quarters of mums say these things are the most important skills children need to lead happy and successful lives, but only 20% of mums feel schools are currently fulfilling this role, and only 31% trust them to do so.

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Children asking for cheaper gifts

In 1895 at the height of his success following the publication of The Picture of Dorian Gray and The Importance of Being Earnest, Wilde was charged with gross indecency and became embroiled in a libel trial to defend himself against accusations of homosexuality. He lost the battle and was forced into bankruptcy to cover legal costs for himself and the accuser, the Marquis of Queensberry – whose son Wilde was allegedly having an affair with. According to TrueTV.com, some of Oscar's most prized possessions, including first editions of his own books, were seized and sold at auction to pay the bill.

In a lesson that personal net worth means nothing against spiraling debts, the King of Pop filed for filed for bankruptcy in 2007 when he couldn't repay a $25 million loan on his home, Neverland Ranch.

Despite being recognised as the most successful entertainer of all time by the Guinness Book of World Records, Neverland became Jackson's downfall – reportedly costing more than $10 million dollars a year to maintain. According to Moneycrashers.com, even after signing a nearly $1 billion recording contract in 1991 and selling more than 750 million records, Jackson had just 0.05% of his net worth in accessible cash, which left bankruptcy the only option.

Actress Kim Basinger filed for bankruptcy in 1993 after she was sued for breach of contract for refusing to appear in film Boxing Helena, which later bombed. The actress lost a $8.1 million lawsuit to Main Line Pictures as a result and was forced to sell her $20 million investment in the town of Braselton, Georgia, USA.

When Mozart died at the early age of only 35 in 1791, he was poverty stricken and left vast amount of debt behind, which totaled over 4,000 florins (the equivalent of more than eight times the annual salary of a middle-class government employee, according to Noiseaddicts.com). Reports prevail that there was such little money in the house at the time of his death that Mozart was buried in a mass grave, the exact location of which is unknown to this day.

Everyone's favourite crooner filed for bankruptcy in 1976 after the royalties from his next album were promised to his ex-wife as a substitute for maintenance payments. The album was titled "Here, My Dear."

Despite creating one of the best-selling albums of all-time with Bat out of hell, Meat Loaf had to file for bankruptcy in 1983, after a series of bad business deals and legal issues. The rock star fell victim to unscrupulous managers, who he discovered were stealing his money – only for them then to sue him for breach of contract. Just when it looked like his luck was improving ahead of the release of his album Blind Before I Stop – the producer put a dance beat on every track, alienating his rock fanbase, making the album a failure and forcing him into bankruptcy for a second time.

Just when things couldn't get any worse for ex-Atomic Kitten Kerry Katona, she's been made bankrupt twice in five years.

The first was in 2008 after failing to deliver the final £82,000 of a £417,000 tax bill.

She was in the press for money issues again this earlier this year when a a TV advert for pay day loans fronted by Katona was banned for being irresponsible. Cash Lady offers loans of up to £300 a month with an annual percentage rate of 2,760%. "We've all had money troubles at some point, I know I have," says Katona in the TV ad. "You could see your bank and fill in loads of forms, but is there an easier way to get a loan ... it's dead fast too. Fast cash for fast lives."

However, Katona was dropped as the face of a payday lending company after filing for bankruptcy for a second time.

She filed for bankruptcy at Wigan County Court in July 2013, the Insolvency Service confirmed.

Disney's fist animation company Laugh-O-Gram Studio filed for bankruptcy in 1922 when its financial baker went broke. Disney was no longer able to pay his employees or his debts, and according to Totalbankruptcy.com, even struggled to buy a bus ticket to Hollywood. But he made it and there he made a fresh start with his new self-named production company that remains a worldwide success today.

Despite earning millions during his boxing career, former world heavyweight boxing champion Mike Tyson was forced to file for bankruptcy in 2003. He mounted about $27 million in bills, and is said to have squandered nearly $300m in ring earnings through lavish spending and bad advice, according to BBC News. The 37-year-old spent extravagantly on mansions, Bentley cars, jewellery, and even pet Bengal tigers while buying expensive gifts for his large entourage. Also in 2003, Tyson agreed to pay his ex-wife $6.5m from future earnings as part of a divorce settlement.

Drinking, gambling, fast cars and womanizing saw football wonder boy Best squander his cash and succumb to bankruptcy in 1982 with debts of £22,000. According to Bankruptuk.co.uk, at the time of his death in 2006, Best had an outstanding mortgage of £100,000 and owed London's Cromwell hospital £300,000 in treatment fees.

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