It turns out London's millennials have had enough of the City's housing market - now they're more likely to be saving for a holiday than a deposit or a mortgage.
Twenty and thirty-somethings across the UK have been dubbed the "vacation generation", as 33 per cent said they are saving for a holiday while 31 per cent are saving for a deposit on a house, new YouGov research commissioned by financial planning platform Finimize suggests.
In London, where house prices are more than double the UK's average, the gap is even more exaggerated.
Of those aged 18-34, 35 per cent are putting their hard earned cash towards a holiday while 30 per cent are pinching pennies to save for a house.
Fewer Londoners are saving for a car as well - 14 per cent compared with the national average of 18 per cent.
Meanwhile, 19 per cent have no idea what they're saving for and 13 per cent aren't saving at all.
|What are London's millennials saving for?|
|A holiday||35 per cent|
|A deposit on a house||30 per cent|
|I am saving, but not for a specific goal||19 per cent|
|Clothes||15 per cent|
|A car||14 per cent|
|I am not saving at all||13 per cent|
|Technology (headphones, TV, etc.)||11 per cent|
|Mortgage payments||10 per cent|
|My wedding||nine per cent|
|Other||five per cent|
|Household repairs or improvements||four per cent|
Max Rofagha, founder of Finimize, said while 88 per cent of millennials are saving, the preference for splashing out on a holiday is unsurprising.
"Buying a home, particularly in London, has become so expensive that it's unattainable to most millennials - so it's unsurprising that over a third of millennials have given up on the prospect of owning property and have chosen to travel instead."