Research from insurance firm Engage Mutual suggests that many under 25s will buy homes earlier than their grandparents despite financial restrictions. Brits under 25 move out of the family home three years later and get married four and a half years later than older generations.  However, although property prices are increasing, young people think they will buy their first home a year earlier than their grandparents did. This is because they don't mind getting in debt to achieve this milestone.

A detailed look at the findings showed that 34 per cent of Brits think they won't be able to move out of their parents' home until they are at least 24. Eight per cent of retirees moved out by the time they were 25. Most under 25s do not expect to be able to afford to get married until they are nearly 28, and may not marry until they are 30. In contrast, their grandparents could afford marriage at 23 and 85 per cent of them were already married by 30.Brits under 25 think they will be able to buy their first home at 28, while their grandparents' generation bought their first home at around 30.

Karl Elliott of Engage Mutual said 'Young people today face a very different financial landscape than today’s retirees faced forty years ago.   With consumer debt at an all-time high, 125 per cent mortgages readily available and credit at our fingertips, today’s young generation has become more accustomed to living with debt.   As a result, attitudes to financial milestones are changing.'

He added: 'While it is encouraging to see that today’s under-25s are not put off by ever-increasing house prices, it is important that they are as prepared as possible when it comes to savings.  By putting away a little and often over the long-term, both parents and off-spring can cope better with the financial milestones to come.'