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No wonder experts say parents should introduce their children to basic financial matters at an earlier age than ever. "Teaching children the value of money from an early age provides a good foundation for their future spending habits, and sends positive messages about managing finances and living within one's means," explains Simon Walsh, spokesman for Family Lives. "Their observations of how you spend, save, budget and donate to charities can shape early views about money management."

Get them involved in making their own financial decisions too. "My eight-year-old son Henry knows that if he wants something, he must select a few items he no longer wants, photograph them, write a description and put them on eBay," says Rebecca Gunn, 39, who lives in Bedfordshire.

Like many parents, Gunn also uses pocket money to help her son to understand its value. "It stops him walking into a shop wanting everything he sees. It makes him think about what he wants and he enjoys weighing up the pros and cons of things as the week goes on."

Research from Equifax reveals a growing emphasis on encouraging children to "earn" their pocket money through basic chores such as washing up and tidying up. The average amount children receive, according to another survey by Halifax, is £4.57 for 8-11 year-olds and £7.02 for 12-15 year olds. "Each of my two children, aged five and seven, has a special job around the house once a week," says Sarah Brown, a 40-year-old mother from Kent. "It means they realise they need to contribute something to earn money."

A vital component of the pocket money concept, she believes, is that kids discover their own spending power. "This is where, as a parent, you have to get the balance right between parental advice and allowing your child to make their own decisions – and therefore mistakes. It's definitely given my children an understanding, which did not exist a year ago, of how important it is to know how much things cost," says Brown. "Even simple things like checking the price tag on the box to see if it's affordable, is not something you see many kids do. Perhaps most satisfying of all is that my eldest, has opened a bank account and is already beginning to grasp the concept of interest."

When your children hit their teens, consider swapping pocket money for a monthly allowance, but the same principles apply, advises Pritee Chohan, Money for Life Programme volunteer and a branch manager for Halifax. "Sit them down to explain the differences between the savings accounts on offer and help them to budget for that holiday with friends or for driving lessons. By the time they leave home, they should have all the money savvy they need to make a great start in life."

"I think people sitting at home know that the Government doesn't have a bottomless pit of money," he said.

"Obviously we look at all these things, I think there are dos and don’ts for the Government. What the Government mustn’t do is try and borrow its way out of debt. You can’t borrow your way out of the situation we’re in, it would be very dangerous for Britain.”

He suggested that the Coalition would focus on making sure householders and businesses have access to cheap loans.

"What we can do is use the fact that we have credibility, we have some of the lowest interest rates we’ve had in Britain for hundreds of years, use that credibility to make sure those interest rates are also available to the homeowner, to the small businessman wanting a loan,” he said.

Danny Alexander, the Chief Secretary to the Treasury, has already signaled that the Government is unlikely to be able to afford to scrap the increase.

“Given the huge issues we have with public finances, we also need to make sure that we’ve got the money coming through the tax system, and the increase in fuel duty is part of that,” he said earlier this week.

Motorists groups have urged the Government not to take advantage of the recent falling petrol prices to argue that the 3p tax rise should go ahead.

Brian Madderson, chairman of the Petrol Retailers Association, said it would be “opportunistic” of the Treasury to hope that people would not notice the extra tax.

“David Cameron knows it is right to scrap this increase while the country struggles with a second recession,” he said. “The decision to do so would not be a U-turn, but common sense prevailing as the economic outlook deteriorates.

“Road fuel is no longer a luxury but an essential part of everyday life. The planned duty increase will penalise lower income earners, pensioners and the unemployed and will push inflation up."

The average price of petrol has fallen by 9.83p a litre since its peaks in April to around 132.65p this week.

The price of oil on the international markets has fallen by around a quarter since March, helping to bring down inflation.

However, Paul Watters, head of public affairs at the AA, warned that the planned duty rise will only "increase the inflation rate and put more pressure on hard-pressed families and business in the UK once again”