Nearly half of UK millennials have little chance of fulfilling the lifestyle aspirations of their parents and achieving the traditional life goals they want because 7.8m have no long-term savings product.

According to a survey from investment firms F&C and BMO, almost two thirds of 18-35 year olds want to achieve traditional life goals in the next 10 years.

The firms says that as many as half may never realise their aspirations unless they make “pivotal changes” to their money habits.

The Millennial Money Survey - a study of over 4,000 UK adults aged 18-35 - found that buying a property, getting married and having a family are top ambitions for 10m (64%) of millennials but nearly 8m have failed to start any kind of long-term savings or investment plan.

However, the study debunks some myths that all millennials have poor savings habits. Almost seven out of ten (68%) plan to save more money in 2018 than in 2017, with over a third (35%) doing so by making changes to daily habits, such as eating out less or ditching takeaway coffee; or spending less on socialising (30%).

Ross Duncton, head of marketing & direct, at BMO Global Asset Management, who manage Foreign & Colonial Investment Trust, said: “UK millennials simply aspire to achieve what previous generations have enjoyed and they do it with a fortitude that helps them survive in a post-credit-crunch world.

“While some have debt, it’s clear that the majority are far from a reckless generation. In reality, most are sensible spenders who want to take more control over their money, despite a lack of formal financial education and income. Our research reiterates how small a leap many millennials need to take to help brighten their financial futures; many only need to shift their money mind set slightly to get their money working harder, and in turn help them achieve their ambitions.”

While there is room to improve millennials’ financial understanding, a majority exercise good money habits, with six out of ten (60%) admitting they would rather miss out on special occasions than borrow money so they can attend.

Despite a desire to build a healthy nest egg, 18-35 year olds say that paying essential bills (61%), lack of earnings (41%) and debt (39%) are preventing them from saving money regularly.

The survey found that many millennials have a strong desire to improve their financial knowledge. Younger adults would like better education about saving (21%), managing debt (12%) banking (12%) and buying or selling property (9%). However, millennials are most likely to say that they want more help or education with investing (25%).