PANKs (Professional Aunt, No Kids) spend more than £350 a year on their nieces and nephews

As acronyms go, it’s a good one. PANK. It stands for ‘Professional Aunt, No Kids’. I’m a fully paid-up member of this group, a 40-something professional woman with little interest in kids of my own but an overwhelming love for my sister’s four-year-old daughter. Now I can’t pass a newsagent without buying the latest Peppa Pig magazine.