Millennials frittering their wages on coffee and brunch ‘is a myth’

But baby-boomers are most financially savvy of all

(Tristan Fewings/Getty Images)

Millennials frittering away their cash on posh morning coffees and lavish brunches is a myth, a new study has claimed.

Researchers who carried out a survey into the UK’s spending habits found the much-maligned 18-34 age group are thriftier than they’re often portrayed.

According to the findings, millennials spend just £5.56 per week on coffee – roughly two cups.

This is 14 percent less than the £6.43 spent by those aged 35-44.

When it comes to hot and cold drinks, lunch and takeaways, the older group will spend around £140 per year more than their younger peers.

And the belief that the younger generation spend a fortune on fancy lunches has also been dismissed, with more than half of 18-34 year olds “always” or “often” taking a packed lunch to work.

“The findings have shown the younger generation aren’t the frivolous consumers who waste their hard-earned money like some would think,” said Ben Fletcher, Head of Dacia UK, which carried out the study.

“Britain is a nation of financially savvy shoppers who want quality as well as value for money, whether they’re buying a car or a coffee.”

But while they’re thriftier than the 35-44 generation, millenials lag behind over 55s, who are the most sensible with their money.

The baby-boomers spend £4.14 on coffee, £2.45 on soft drinks, £7.12 on lunch and £5.69 on takeaways per week – 35 per cent less than millennials and 40 per cent less than 35-44s.

SWNS