Brits splurge £20 billion a year on unnecessary 'treats' causing a serious dent in their savings, says Alliance & Leicester.
A survey by Alliance & Leicester Savings & Investments found more than 75 per cent of 18 to 29-year-olds now see 'treats', such as eating out at restaurants, as 'necessities'.
Spokesman for Alliance & Leicester, Mike Woodward, said: "Times have changed and with the passing of phrases like 'waste not, want not' and 'money doesn't grow on trees', 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'."
The bank found more than two million Brits buy trendy lattés and other expensive coffees every day while two and a half million take a taxi at least once a week.
But Alliance & Leicester say young Brits have no intention of curbing their extravagant spending habits.
The bank says young Brits would be "surprised" if they realised how their spending habits add up.To read more about Banking News, click here.
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