British children think an average home costs £1,000, a loaf of bread will set you back £5 - and that their parents earn £1 million a year.

A poll of 1,000 children aged 6-10 commissioned by UK-based financial advisers Drewberry asked them to state the cost of some common everyday items, with some amusing results.

It found a fifth of youngsters think you could get yourself a brand new car for as little as £1,000, and one in 10 reckon you could buy a new set of wheels for less than £100.

Another 20 per cent estimate a brand-new iPhone could be purchased for the modest price of £100, while a tenth believe i...