I've come back to explain a bit further what I meant about teenagers.
The friends I was talking about (there are a few) have given their children everything they asked for from an early age, even where it meant they themselves had holes in their shoes and ran up debt (in one case council tax bailiffs at the door).
Now their children are teenaged they cannot literally afford the things they ask for (like a new contract phone three months after they got one at Christmas). The kids don't have an understanding of the income the parents have and the relative cost of the things they ask for.
I'm all for experiences but it would be expensive trips out everyday during the Easter holidays for example, my kids would get one big day out and some trips to the park/beach/for ice cream etc.
Obviously the things you get your kids have got to be relative to your income, so if you are earning a big wage it's a bit of a shame not to buy your kids things just because, but there has to be a bit of sense about not putting yourself in a difficult situation. It's fine when they are little and want a fudge and a magazine, not so much ten years later when it's the latest iPhone and a designer jacket.
Experiences to me are totally different, I'd rather spend on doing things or lessons for something which are learning experiences, and to me that teaches the kids confidence in their ability to learn and explore the world, whereas buying things alone to keep up with the jones teaches them their value comes from what they have and not what they are.
I'm not sure if I have explained this well but I wanted to try!