AROUND two-fifths of parents across the UK (39 per cent), the equivalent of 20.7 million people, are supporting their adult children and grandchildren financially, according to new research from Handelsbanken Wealth and Asset Management. 

One in six (16 per cent) are planning to give more than previously to support them through the cost-of-living crisis, with just nine per cent cutting back on their financial support. 

As the cost-of-living crisis continues to impact so many, Britons are polarised on the importance of funding certain costly activities. 

With countless families likely to have seen their budget for non-essentials such as holidays eroded, they are now relying on older generations to preserve their quality of life.  

Nearly half (48 per cent) of those supporting their family are subsidising the cost of a holiday for their children or grandchildren, with one in 10 planning to increase their support.

Aside from holidays, the most common reasons for parents providing financial support are to help with a child’s education (44 per cent) and to help pay utility bills (43 per cent).