A third of millennials have sold their possessions to buy food or pay for bills, rent or mortgage
A poll of 1,000 youngsters in the 18-34 aged bracket – dubbed millennials – found that 35 per cent had sold some of their possessions to pay utility bills, buy food or to pay their rent or mortgage.
The survey out today by loans broker Norton Finance, also found that 31 per cent of those polled admitted being forced to borrow from family an friends to get them through 'tough times'.
A total of 38 per cent also said they had taken out loans to help them meet their monthly outgoings.
Just over 40 per cent of the 1,000 millennials quizzed said they normally spent more than they earn, with 31 per cent saying they expected to take at least six years to pay off their total debts.
The survey by Norton Finance also found that 31 per cent admitted being forced to borrow money
Annoying celebrity millennials
Mon, January 2, 2017
Millennials are people born between 1984 and 1999. Here are a few of the top celebrity millennials who can be a little annoying.
1 of 12
Among the debts included students loans, loans from friends and family and credit and debit card debts.
Get Quotes on Home Insurance
It struck us that the younger generation is having a tough time at the moment
Half of all those asked said they had 'no idea' how to free themselves from the debt trap they were caught in and one-in-10 said they thought they would have work well into normal retirement age to pay off their debts.
Some even said they didn't believe they would ever be able to retire – and that they would probably drop dead while still tying to pay off bills in their old age.
Just over 40 per cent said they normally spent more than they earn
One-in-three hard-up youngsters said they thought their parents were in a better financial situation that they were when they were their age.
Richard Dell, 28, of St Albans, Hertfordshire, said he and most of his friends had sold something off in the past year just to get by.
He said the main items sold off by him and his pals were computers, consoles, clothes, CDs and musical instruments.
The freelance designer said: "I've sold my guitar for a few hundred quid to pay my gas and electricity bill and I've borrowed bits and bobs from my parents over the last few years.
"I don't get a regular income and last year I made about £18,000, but that only just covers my rent and utility bills, so I have to resort to selling my stuff now and again."
Debts included student loans, loans from friends and family and credit and debit card debts
Paul Stringer, Managing Director of Norton Finance, said: "With this piece of research we wanted to take a snapshot of British finances, looking at how each generation is handling their money.
"It struck us that the younger generation is having a tough time at the moment.
"We're seeing a drop in home ownership in those aged between 25 and 34 and many members of this generation are coming out of university with a large amount of student loan debt."
A recent report from Norton Finance revealed that one in four millennials were losing sleep over their finances, while many felt the need to lie to their friends and family about their state of affairs.