Almost one in five adults aged 35-54 believe that securing a mortgage to purchase a house is an unattainable goal in their lifetime.

The figure comes from a new study by comparison platform Forbes Advisor, which also revealed the average person over the age of 55 thinks individuals should stop being able to use the ‘bank of mum and dad’ at 22 years old – seven years earlier than the current national average (29).

According to the research, the average person over 55 was paying rent for living in their parents’ home by the time they were 19, while the average millennial was 25 before being charged for living at home. Of those who were able to buy a house, over-55s typically received their first mortgage at the age of 28, while those currently aged 35-44 achieved this aged 30.

One in 20 respondents to the survey expressed the belief that future generations will never be able to achieve financial independence. With the average house price now £296,000 and the average salary at £27,7561, young people are facing an unfavourable ratio in excess of 10 times their annual salary, compared to just 4.7 times the average salary in 1990, according to the analysis.

Laura Howard, financial expert at Forbes Advisor, commented: “With growing concerns over the economic climate, our data clearly shows younger generations are feeling the pinch more than ever as they embark on their journey to financial freedom.

“It’s important now more than ever that young people educate themselves on how to manage their finances to ensure they have the best chance of financial freedom in the future. This is particularly true as we are going through a cost of living crisis, and many people will be experiencing economic uncertainty, so being on top of your finances is the most important step on the way to becoming financially independent.”