Over half of young Brits are ‘living hand to mouth’, with a majority of those aged between 21 and 38 spending 41% of their income on rent or a mortgage and bills, new data has revealed.

The study, carried out by Perkbox, found that younger people are spending an average of £160.71 on food and groceries on a monthly basis, equating to £1,928.52 over the course of the year.

Despite this, eight in ten young Brits claimed to be “good” with money.

Commenting, Perkbox product director Ashish Sampat said: “Despite the negative stereotypes about 'broke millennials' many do try their best to save.

“The reality is that they have bigger problems to face compared to previous generations.”

Sampat cited more student loan debt and remarkably high property prices as some of the challenges faced by millennials, concluding that it is “no surprise” that they inevitably struggle more with savings.

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