Barely one in ten young people think the coalition is going fast enough in tackling the deficit.

This revelation came at the launch of a "Youth Budget" on Wednesday morning, which compiled an economic programme based on the views of 1,175 young people.

According to the Youth Budget backed by the Citizenship Foundation charity, more than three quarters (76%) of young people would cut the deficit faster than the Government. Only 3% would keep tax and spending levels at the same rate as the coalition.

65% of young people wanted to raise taxes, but even more (69%) would cut spending in order to reduce the deficit.

Speaking at the budget launch, Exchequer Secretary David Gauke hailed the signs of “fiscal rectitude” among young people.

In welcome news for the Chancellor, 56% of the young people backed removing child benefit from higher rate taxpayers. However, very few of them (13%) endorsed cutting the fuel tax - even by just 1%.

The vast majority of young people (77%) would keep the 50p rate of tax for those earning over £150,000. They also backed by a huge majority (73%) plans to cut the health budget for the NHS, in direct opposition to the coalition's plans to increase the NHS budget every year.

The coalition's plans to create a Green Investment Bank received considerable backing, with 42% saying they would establish one.

Kate Green, shadow minister for equalities, expressed concern at the implications of the budget. The economic programme proposed was “somewhat inconsistent”, she said, as they want to protect the winter fuel allowance “for rich grannies” while cutting child benefit for “rich people with children”. “I’m very anxious indeed about cutting harder and faster” she said.

Trevor Matthews, CEO of Aviva UK, underlined the importance of the budget. “Young people should be concerned as they’re going to be the voters and taxpayers of the future” he said.

Speaking at the launch of his budget, Youth Chancellor Isaac Warburton said:

“I believe young people should be more involved in decisions regarding the economy…as the decisions that are made now will affect our future”.

The budget was presented as part of the “Chance to be Chancellor” competition, which sought to give young people the opportunity to offer ideas on the country’s economic direction.