The Real Victims of the Recession

Mike Riggs | July 11, 2008

British children are reeling from the effects of the credit crunch:

About 17 percent of parents had cut the amount of cash they gave to their children in the last six months, according to another AXA poll that surveyed 2,050 British residents.

"The 'Bank of Mum and Dad' has so far been quiet on the issue of how it will deal with the effects of the credit crunch, but now it has come out and shown teenagers have been hit hard," AXA's Alison Green said Thursday.

No projections yet on how reduced spending power will affect the sales of Teen Vogue, Lady Sovereign albums, or kabob. Read the whole story here. For more on British children, check out Creased Comics' short movie, "George Washington."