MILLENNIALS frittering away their cash on posh morning coffees and lavish lunches is a myth, according to a study.
Researchers who carried out a survey into Britons’ spending habits found the much-maligned 18- to 34-year-olds are thriftier than they’re often portrayed.
According to the findings, millennials spend just £5.56 a week on coffee – roughly two cups.
This is 14 per cent less than the £6.43 spent by 35- to 44-year-olds.
When it comes to hot and cold drinks, lunch and takeaways, the 35- to 44-year-old age group will spend around £140 a year more than their younger peers.
And the belief that the younger generation spend a fortune on snazzy lunches has also been dismissed with more than half of 18- to 34-year-olds "always" or "often" taking a packed lunch to work.
How much Brits spend each week
Here's how much the average Brit spends each week, according to the survey:
- £5 on coffee
- £4.28 on soft drinks
- £7.83 on takeaways
- £8.29 on lunch
- = £25.40
18- to 34-year-olds
- £5.56 on coffee
- £5.74 on soft drinks
- £9 on takeaways
- £9.09 on lunch
- = £29.39 (15 per cent above average)
35-44 year olds
- £6.43 on coffee
- £6.02 on soft drinks
- £9.89 on takeaways
- £9.71 on lunch
- = £32.05 (26 per cent above average)
45-54 year olds
- £4.94 on coffee
- £4.19 on soft drinks
- £7.99 on takeaways
- £8.10 on lunch
- = £25.22
*55 and over
- £4.14 on coffee
- £2.45 on soft drinks
- £5.69 on takeaways
- £7.12 on lunch
- = £19.20 (25 per cent below average)
The study of Brits’ spending habits was carried out by car manufacturer Dacia, which is now selling its award-winning Sandero supermini for £79 per month – the equivalent of around £2.60 per day – on a personal contract hire (PCH) package.
Dacia found just 3.7 per cent of Brits thought they could have a new car for between £2 and £3 per day, with the average adult thinking a new motor would cost almost four times (£10.89) as much.
Ben Fletcher, head of Dacia UK, said: "The findings have shown the younger generation aren’t the frivolous consumers who waste their hard-earned money like some would think.
"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."
The research by OnePoll for Dacia found 34 per cent of Brits thought they would never buy a new car – with seven per cent thinking coffee was a better way of spending £3 a day than a new car.
It did reveal millennials are twice as likely to regularly pay someone to wash their car.
But while they’re thriftier than the 35- to 44-year-old generation, they lag behind over 55s who are the most sensible with their money.
They spend £4.14 on coffee, £2.45 on soft drinks, £7.12 on lunch and £5.69 on takeaways each week – 35 per cent less than millennials and 40 per cent less than 35- to 44s-year-olds.
The research also found almost one-in-ten Brits admitted they had bought a book over the past year but not read it, with the same figure splashing out on clothes and not wearing them.
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