Millennials '˜saving more money than older generation'

Those in the 18 to 35 age group are also more likely to have thrifty habits when buying everyday goods such as a coffee or a pint of beer than the Generation X age group of 36 to 54-year-olds, the research from peer-to-peer lender Zopa suggests.

But the survey also found that with financial hurdles such as student loans, costly renting and the struggle to get on the housing ladder, many Millennials also see debt as a normal part of their life.

On average, Millennials save 10.9% of their post-tax monthly income, while those from Generation X put 8.8% of their income away typically.

Millennials would typically be prepared to pay £2.68 for a cup of coffee, while on average those in Generation X would pay £3.07.

The younger generation would be prepared to spend around £3.87 on a pint of beer, while the older generation would fork out £4.74.

Millennials would also spend up to £416 for a week-long holiday in Europe, while their older counterparts would be prepared to spend around £490.

Meanwhile, nearly half (46%) of 18 to 35-year-olds surveyed expect to manage some form of debt for the rest of their lives.

They also tend to have a higher threshold of what they consider a “manageable” amount of personal debt - an average of £5,892 compared with £4,251 among the older generation.