Some sections of the media like to paint millennials as frivolous snowflakes who can't afford a flat deposit because they spend too much money on avocado toast and flat whites.
Obviously we all know this is rubbish – ahem, average house prices of £225,000 nationwide and £472,000 in London might have something to do with our struggle to get on the property ladder. But now, new research has found that millennials, meaning people aged between 18 and 35, are actually pretty cautious with their cash.
According to The Millennial Money Survey by F&C Investments, 60% of millennials would rather miss out on special occasions than borrow money.
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Meanwhile, 35% of millennials said they'd rather cut back on takeaway coffees than broach the issue of a pay rise with their boss – and 30% said they'd rather rein in their social life than ask for a rise. (If you reckon you deserve a salary increase but don't feel confident negotiating one, this advice could help.)
On top of this, 68% of millennials said they're intending to save more money this year than they did in 2017 – hardly a blasé approach towards financial planning.
Some 59% of millennials said that paying essential bills prevented them from saving, while 39% said that debt stopped them from building up a next egg. Given that students in England are now on course to graduate with a massive £50,000 in debt, this, sadly, is all too understandable.
According to the survey, the average UK millennial's salary is around £27,000, rising to £37,000 in London. Nearly two-thirds of millennials said their long-term goals are to buy a property, get married and start a family.
"UK millennials simply aspire to achieve what previous generations have enjoyed," said F&C's Ross Duncton, who urged millennials to research investment products such as ISAs or fixed-term saving bonds in order to maximise their saving potential.
"While some have debt," Duncton added, "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."