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Selfies, relentless Facebook posts and an obsession with keeping up with the Kardashians may make the younger generation appear self-involved and narcissistic, but research suggests they are much more generous than first thought.

A study of people born since 1982 found that the so-called 'Generation Y' is increasingly socially aware, and willing to give to good causes.

More than two thirds of those questioned said they would give away up to 50 per cent of their revenue, if they had their own business.

The researchers from Oxford Said Business School surveyed 2,000 professionals born since 1982. They found that 66% of so-called Generation Y are willing to donate half their income to good causes, and many said they would donate to tackle poverty and unemployment. Stock image pictured

And the two key areas of concern were tackling poverty and helping the environment.

The study was commissioned for the London launch of a global competition called The Venture, which is giving away a million dollars to the best social enterprise start-ups.

The researchers surveyed 2,000 professionals aged between 18 and 32.

It formed part of a wider report by Oxford's Said Business School, which found young entrepreneurs want to solve problems, mainly in their own communities.

Many said they were frustrated by a lack of political solutions to problems like poverty, youth unemployment and the environment so wanted to do something about it themselves.

Almost one in ten of the participants also said they have previously given up potentially lucrative professions to start such a business.

The trend has been encouraged by young entrepreneurs, such as Facebook's 30-year-old Mark Zuckerberg, who last year donated almost a $1 billion (£617 million) to charitable causes last year.

This has led to the 'rise of social entrepreneurship, the idea that economic incentives and positive social change can - and should - go hand in hand,' Soushiant Zanganehpour from the Said Business School said.

'Over the past two decades in particular, the phenomenon has gained significant traction, and in some cases is on the verge of mainstreaming into general business.' 

Almost one in ten of the participants also said they have previously given up potentially lucrative professions to start businesses. The trend has been encouraged by young entrepreneurs, such as Facebook's 30-year-old Mark Zuckerberg, who last year donated almost a $1 billion (£617 million) to charitable causes last year

These are businesses which are driven by a good cause, like Jamie Oliver's Fifteen restaurant brand which provides training for disadvantaged young people.

And around half of these have been created in the past 12 months, and are becoming onee of the economy's biggest booming sectors.

The Venture will see a UK winner crowned in February who will then go into the global final in Silicon Valley, next June.