As many as a quarter of 18-34 year olds surveyed said they did not understand what impact this could have on their credit rating.

Voters have until 20 April 2015 to register for the upcoming election, and it is estimated up to 3 million 18-24 year olds have not yet registered to vote.

Mortgage lenders use credit reports to determine who to give mortgages to, with the electoral a key part of the process. Being on the electoral roll helps confirm that you have been living where you say.

The survey found 23% were unaware it had any impact on the house buying process.

Credit scoring can also affect a person’s ability to take out a mobile phone contract, take out a credit card or a bank loan.

David Mann, money expert at uSwitch, warned; “Political apathy is crippling young people’s future financial choices. The fact is, you can never have an ‘excellent’ credit score without being registered to vote, as lenders use this information to verify the names and addresses of applicants.

“A poor credit rating can be the final nail in the coffin for young people who are already facing challenging conditions, with youth unemployment at an all-time high and many trapped in ‘generation rent’.”