Almost half of people in the UK have given money away to their adult children or grandchildren in the last year, new research has revealed.
The study by Scottish Widows found that the recession has led to an increasing number of younger people turning to their parents for monetary support.
However, this has led the older generation to put its own financial future at risk.
More than a third of parents loaned money to their offspring to help cover their living expenses and a similar proportion made the transfer to assist in debt repayments.
Iain McGowan, savings expert at Scottish Widows, said: "On the one hand, ‘generation Y’ is looking ever more to its parents for help as it struggles to get jobs, credit and mortgages – and to clear debt. At the same time, the ‘Bank of Mum and Dad’ is not as readily available as it once was, often for the same reasons.
"This means that fewer parents can afford to give or loan money, while those who can, are being asked to provide more. The overall effect though is a fall in the ‘savings sap fund’ in these challenging economic conditions."
Britons concerned about their financial future may be interested in finding out more about equity release plans, which is becoming a popular system of supporting income. 
