It's the bank of mum and dad

Around 35 per cent of people have relied on handouts from their parents to fund their day-to-day living expenses, while 38 per cent have borrowed or been given money to pay off debts and 34 per cent have needed it to buy a home, according to Scottish Widows.

Overall, 47 per cent of parents said they have given or lent money to their adult children or grandchildren, handing out an average of 13,660 each.

More than half of parents who have already given money to their adult children expect to have to help them out again, with people expecting to have to hand out a further 14,159 on average.

Eight out of 10 parents who gave or lent their children money had to fund it from their savings, and 54 per cent of these do not think they will be able to top up their account again.

Around 22 per cent of parents were forced to cut back on their own spending to help their children.

Nearly a third of parents said they were saving less because they were helping their children and 12 per cent admitted they had been forced to stop saving altogether. Three out of 10 parents who have not helped out their children financially said they could not afford to do so.