They are often accused of being careless with money and frittering it away on luxuries such as avocado on toast and pricey tumeric lattes.
But now, a report has claimed that millennials are actually saving more for their retirement than the next oldest generation.
The survey found that those aged between 24 and 38 years old, who make up generation Y, on average saved 19 per cent of their income for their retirement - while those in generation X - 39-53-year olds - put aside just 16 per cent on average of their income.
Meanwhile, according to the report carried out by financial advisory firm deVere Group, Baby Boomers who are aged between 54 and 74 years old, saved the highest proportion at 35 per cent of their income.
More than 660 people across the age groups participated in the survey in the UK, Europe, Africa, Asia and the US.
Nigel Green, founder and chief executive of the deVere Group, said: “The results of the saving survey are both encouraging and alarming. It is encouraging that millennials – often falsely stereotyped for their sense of entitlement and for being content to pay for overpriced coffees and smashed avocado on toast - seem to be better at saving and more fiscally responsible than many would have thought.
“Despite their reputation for purely living for today, the poll shows that they are saving for their retirement pretty impressively. Putting aside nearly a fifth of their income already is highly commendable, especially when many can be expected not to be yet at the peak of their earning power.”
Millennials, who have been hit by soaring property prices, particularly in cities, as well as less job security than previous generations, have long been accused of using what money they do have as disposable income, rather than investing in property or saving for the future.
Mr Green said: “What is alarming, however, is that Gen X, and to an extent Gen Z, workers are not saving nearly enough in order to be able to have a comparable lifestyle in retirement. And by the virtue of being older, they have less time to build wealth before leaving work.”
“It’s perhaps particularly concerning because we’re living longer, meaning the money we accumulate has to last longer; in the future, it’s unlikely that governments will be in a position to support older people like they have done for previous generations; there is a looming health and social care crisis; as well growing deficits in company pension schemes.”
Separate figures released at the end of last year by the Office for National Statistics showed that home ownership among 22 to 29-year-olds plummeted by 10 percentage points since 2008 to only 27 per cent.
Meanwhile, although the number of twenty-somethings with any savings at all dropped from 59 per cent to 47 per cent, the figures revealed that those with savings now have significantly more than they would have done a decade ago – an average of £1,600, up from £900.