Analysis by broker The Share Centre identified a 39% increase in the number of trades made by 18-36 year olds between 1 January and 21 February compared to the same period a year ago.

The amount of money invested also jumped by more than half – 57% –  year-on-year.

In terms of what they are investing into, the data suggests millennials prefer to take either a high risk or a relatively safe approach.

Blue chip names such as BT, Vodafone and GlaxoSmithKline regularly appear in portfolios but so do smaller, riskier punts such as mining firms Kodal Minerals and Centamin and oil and gas company Ascent Resource and 88 Energy.

While the numbers show male millennials are more active investors, female millennials seem to be making confident strides with a 20% increase in the number of trades made year-on-year.

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Graham Spooner, investment research analyst at The Share Centre, said: “Millennials are investing in well-known, recognisable and income generating FTSE 100 companies and then going straight to the other end of the spectrum and punting on much more extreme smaller and higher risk companies.

“As is life, millennials will one day be considered ‘middle-aged’ and may perhaps begin to question whether this strategy will continue to pay off.

“When thinking about their future, and of course if they decide to move towards a more balanced portfolio, I would suggest that mid-cap companies could be the answer.

“As the blue chips of the future, mid-caps could provide millennials not only with growth potential but the element of risk that they are clearly craving, without going to the extremes.”