The average 11 to 15-year-old has a bank balance of £475, according to research from Abbey.

As children become increasingly financially aware they are beginning to take responsibility for their own futures, with 77 per cent saving for higher education, said the bank.

More than three-quarters are also relying on their own funding for mobile phones, iPods and laptops. With the UK facing a rising cost of living, director of Abbey Banking Steve Shore believes children can help their parents ease the financial burden.

"In the current economic climate every penny counts, so it's great to see so many children using their own money to buy things for themselves," he said, adding: "It's never too early to start learning about money."

Last year a NatWest survey showed that the average university student graduates with £12,363 of debt, while only 41 per cent of sixth formers felt they were financially prepared for the experience.

© Adfero Ltd