A Consumer Intelligence poll among 617 UK adults aged between 18 and 34 years, last month, also showed just 24% were saving into a pension.

The proportion of 18-24 year olds saving into a pension was just 12% but this increased to 28% among 25-34 year olds, according to the survey commissioned by online investment platform rplan.co.uk.

But 29% of millennials were saving into an investment ISA and 49% into a cash ISA.

The 72% who said they had left their parental home reported that they had an average of £170.78 spare cash at the end of the month after paying for all their living expenses.

Nick Curry, director at rplan.co.uk, said: “The temptation for young people to spend is strong of course, but our research shows that the millennial generation is simply not saving enough. A substantial majority is also missing out on the benefits of tax rebates on pensions and being invested for longer periods.

“The danger is that we will have a whole generation coming through that hasn’t saved enough to get on the housing ladder or with enough retirement savings. Some will have the privilege of an inheritance but even then parents are increasingly having to use savings for their own retirement and care in later life.”