Almost half of young people using more credit 

The poll of 2,000 adults also found 48% of young adults are using credit and finance options more than they did 12 months ago, compared to almost a quarter (24%) of 55-64-year-olds.

Only 28% of those aged 25-34-year-olds pay the full amount instantly when purchasing new items, relying instead on deposits and finance. In contrast, 73% of 55-64-year-olds pay in one go.

The largest outgoings for young adults are bills, food and rent each month. It also stated cars (33%), furniture (27%) and mobile phones (28%) are the most common items people are likely to buy on finance or credit.

Just 17% of 25-34-year have money to spare at the end of the month, compared to 64% of 55-64-year-olds. 

In the current climate, financial security is a worry for younger generations, with the top concerns named as the ability to retire (42%), having substantial savings (42%) and getting on the property ladder (40%).

In contrast, the most significant worry for 55-64-year-olds was being able to afford nice holidays (26 per cent), with 37 per cent admitting they didn’t worry about their financial future at all.

Anna Naik, savings expert at VoucherCodes who commissioned the poll, said: “Life has suddenly become more expensive for all of us.

"It can be particularly difficult for young people to cope with this change – especially if they haven’t been financially independent for long, as it’s now trickier for them to balance investing in the future with enjoying the present.”