Almost half (45 per cent) of those over the age of 30 are most likely to ask their parents for financial support, according to research from Portafina.

According to the firm, one in ten parents admitted to gifting over £21,0000 and one in five over £11,000 to their children, with the funds commonly used to purchase a car or to put towards a house deposit.

However, Portafina warned that many parents could be “compromising” their own financial future as a result of the growing pressue on them to “pick up” their children’s financial pieces. Over 40 per cent of parents with children over 30 admitted they are using their own savings and disposable income to support their family.

Commenting on the findings, Portafina expert Jamie Smith-Thompson said: “If you’re in a position where you can offer some financial help to your children, that’s great. Understandably, in the current climate, not everyone can help in the way they would like to. And that can lead to people feeling guilty, even though they shouldn’t do.

“One thing that commonly gets put on the back burner once children come along is saving for your own future. And because the cost of raising children doesn’t ease off, it’s easy for your retirement savings to continue to take a back seat to the costs that arise with family life.

“If you’re yet to start planning for your retirement, and you’re hoping to help your grown-up kids, you’ll need to decide whether you can realistically pay into your pension and still help them in the way you had hoped. Parents shouldn’t feel guilty for being a bit more me, myself and I when it comes to saving for their own future. A comfortable retirement is important, and your children do have their own opportunities to save for themselves.”

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