The average millennial is able to save just £103 a month, and at this rate, will have to work until they are 77 before they have enough money to retire, according to a study by giffgaff money.

This limited saving would equate to £1,236 a year, with the research showing that almost half of those born between 1982 and 2004 are unable to pay into a pension scheme at all.
It was found that around a third of millennials do have a workplace pension, but are only able to pay in the minimum percentage of their wage - which is often determined by employers.
Giffgaff money managing director, Richard Apletree, said: "It's a shame to see the financial difficulties of younger workers not only affecting their ability save for the near future, but also forcing them to work long into their retirement years."
"While some younger people are able to make the minimum contributions to their workplace pension, greater investments often reap generous benefits.
"By hindering their ability to build a solid foundation, the long-term retirement goals of young people can suffer immediate setbacks."
The research involved a survey of 1,179 in November last year, and comes after a report from The Resolution Foundation revealed that a typical millennial will earn £8,000 less during their twenties than those in the preceding generation.
It also highlights that people aged 65-74 reportedly hold more wealth than the entire population aged under 45, with the foundation saying: "This generational concentration of wealth is being driven in no small part by the closure of access to generous defined-benefit occupational pension schemes to younger workers."
The Government Actuary's Department recommended that anyone aged 30 or younger have their state pension age raised to 70 last week, however, there are concerns that many will never see that money if this was to become law.
Barnett Waddingham, senior consultant, Malcom McLean, said: "We should accept that, for some people, a state pension age of 70 or beyond will mean they will not live long enough to draw their state pension - despite years of contributing to the system.
"We surely cannot simply continue pushing back the state pension age ad infinitum and the point must come where a line has to be drawn somewhere."