53% of 22 to 29-year-olds have nothing in a savings account or Individual Savings Account (Isa), the Office for National Statistics (ONS) said.
Among those who are saving nearly four in 10 have no more than £1,000 tucked away.
A savings gap has also emerged with the top 10% of savers having £15,000 or more set aside, according to the latest figures from 2014 to 2016, compared with the bottom 10% who had less than £100.
The squeeze on pay and the prevalence of insecure work mean many cannot put money aside.
Those with debts owe an average of £1,900 - some £100 more than the typical debt 10 years earlier. The 10% most indebted owed at least £14,200,
Among those who are saving nearly four in 10 have no more than £1,000 tucked away.
A savings gap has also emerged with the top 10% of savers having £15,000 or more set aside, according to the latest figures from 2014 to 2016, compared with the bottom 10% who had less than £100.
The squeeze on pay and the prevalence of insecure work mean many cannot put money aside.
Those with debts owe an average of £1,900 - some £100 more than the typical debt 10 years earlier. The 10% most indebted owed at least £14,200,
Home ownership has also fallen since the financial crisis, with the proportion of 22 to 29-year-olds with their own property falling by 10 percentage points between 2008 and 2017, according to the ONS.
As a result, more were living at home or renting, primarily from private landlords.
The cost of renting is putting pressure on many young people who want to live on their own
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