17m adults said that they have helped family or friends financially in the past six months, research from LV= has revealed.
The LV= Wealth and Wellbeing Research Programme – a quarterly survey of 4,000 UK adults – found that many people are turning to friends and family to support them in paying everyday costs such as bills (33%) and living costs (40%).
The report found that over one in 10 retirees who had helped someone financially, did so using money from their pension.
The average amount given to children was just under £9,000 while the average amount for grandchildren was £10,300.
In addition, 20% of those aged 18 to 34 said that they supported their friends financially in the past six months in order to help with day-to-day costs and bills.
David Hynam, LV= chief executive, said: “The LV= Wealth and Wellbeing Research Programme gives us a closer look into the finances of individuals and families across the UK.
“As a mutual, we aim to deepen our understanding of the hopes and concerns of the nation to better serve our members and communities.
“In recent months, younger generations have had to lean on friends and family members for financial help with living costs. Parents are also willing to support their children through adulthood, potentially putting a strain on their own finances.”
He added: “Retirees are dipping into their pensions and other savings. The idea of passing down a living inheritance is understandable, yet it is important that this shouldn’t prevent a comfortable retirement when many pensioners are already living on a fixed income.”
