Scottish teenagers know how much iPods cost - but don't understand too much more about the cost of living.

A survey by financial experts at Sesame revealed that teens don't know the price of milk; don't know how much it costs to raise a child: essentially they know how much gadgets cost, but have little understanding of life's everyday fundamentals.

Alastair Matthews, development director at the Personal Finance Education Group told The Scotsman: "Some young people might see an iPod as essential. And at 14 that might be the case. But when they go to university or live on their own they are going to have to think of other things. Raising the issue is the most important thing."