Beauty products are the first items to be cut for 83 per cent of parents who are trying to save for their children's future, according to new research from Family Investments. Second on the list are new clothes, with 81 per cent of parents planning to make do and mend.
Unsurprisingly, the research found that almost half of parents are cutting down on holidays after the recent problems with airlines such as XL.
However, one in three children will be feeling the weight of the crunch as parents are planning to cut back on treats such as toys and sweets.
Two-thirds of parents said they felt that any disposable income should be put aside for long-term investments rather than being spent on everyday luxuries.
Kate Baker, head of savings and investments at Family Investments, said: "In our experience saving for a child's future is a parental obligation, so when things are getting tough this is the last area that people are willing to cut back on."
The news that shoppers are cutting down on cosmetic luxuries is surprising as a theory pioneered by Leonard Lauder, the chairman of Estee Lauder Companies says that sales of lipstick tend to rise during times of economic uncertainty.
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