A new study has revealed that young Australian Millennials are too busy wasting all their hard-earned on the likes of cafe coffee and Ubers which, in turn, is excluding them from the utter horror of entering the property market and being utterly destroyed by a massive mortgage.

The study, by Pay Pal Australia, that coincides with the company’s new app campaign (see below), found the problem wasn’t that Ys were being lavish on themselves, but were often buying coffees for friends or colleagues without ever having the favour returned.

According to the study, the average Aussie Y spends $400 a year on buying extra coffees for colleagues and friends. And that doesn’t include their own caffeine hit.

On top of buying coffees for friends that never get repaid, Pay Pal also found Millennials were wasting cash on expensive overseas holidays and taking Ubers and taxis when the bus would suffice. Many Ys were also stumping up for the Uber bill for friends, too.

Pay Pal suggested the Ys are wasting too much cash springing for friends, namely because they didn’t want the hassle or friction asking for the money back. It found 84 per cent of Millennials felt “awkward” or “stingy” asking friends to pay them back.

To combat this, PayPal Australia has launched an integrated marketing campaign encouraging Millennials to skip this awkwardness and better manage their finances. Because here’s the thing: the PayPal app makes paying your housemates, workmates and friends back as easy as paying with PayPal.

Developed by Isobar, the campaign was inspired by the insight that Millennials are looking for new ways to pay to avoid the awkwardness of having to chase money or swap bank details in social settings.

Liz Lefort, head of consumer marketing at PayPal Australia, said: “Some 84 per cent of Australians feel awkward or stingy asking their friends to pay them back and our number one excuse for not paying our friends back is that we have ‘no cash’.

“The Millennial audience is an important group for us, they’re mobile savvy and are looking to find easier ways to manage their money. We are excited to put together a campaign that speaks to this audience in the channels they interact with on a daily basis,” Lefort said.