A new ‘can’t go without’ culture is emerging within the 20-something generation. New research has found that more than three-quarters (78%) of 18 to 29 years olds view once-considered treats, such as meals out and take away breakfasts, as regular necessities.

But this mindset is not just confined to younger age groups. Overall, more than two million Britons (5%) buy takeaway hot drinks such as Starbucks coffees at least once a day. More than two and a half million (6%) splash out on a taxi at least once a week, when they could have used public transport, and almost a million (2%) buy breakfast every single day, instead of making it at home.

Alliance & Leicester Savings & Investments calculate that this type of spending adds up to a staggering £22.1 billion a year!

This trend is reflected in current attitudes toward savings with just over a third of Britons (37%) saying that although they would like to, they just can’t afford to save. With a further one in six (15%) seeing savings as something that they are planning to get round to at some point in the future.

The survey also reveals that prudent phrases of old are out of vogue with the young – just 20% of 18-29 year olds ever use the phrase ‘Look after the pennies and the pounds will look after themselves’, compared to 41% of the over 50’s. The research also found that just 30% of 18-29 year olds use the phrase ‘Waste not want not’ compared to 54% of the over 50s.

"Times have changed," said Mike Woodward, manager for savings at A&L. "Attitudes towards spending and saving are also different. Perceptions of what we need to buy versus what we could cut back on have been influenced by our busy working lives and a sense of urgency and immediacy that is compounded by the growing use of phrases like ‘You only live once’."

It appears that consumers just aren’t prepared to cut down on their spending, with 22% not prepared to make any cutbacks at all. However, they might be surprised at how the savings could add up. A&L says that just by cutting back on treats like a grande latte, bacon sandwich and pub lunch, Britons could put away a tidy sum each year without really noticing it. Saving just £20 a week, adds up to over £1,000 a year, plus interest.

Mike concluded: "It’s important that people continue to enjoy themselves, but perhaps consider if they could make some minor changes to their lifestyle, as it’s clear from our research that the savings could really add up. For those people who say they can’t afford to save, this amount could provide them with a substantial lump sum for the future."