Over half (55%) of UK adults are currently supporting or expect to support their parents financially in their retirement, Aegon has found.

The firm revealed that the trend of 20 and 30-year-olds being financially supported by their parents is set to "go into reverse", with a majority now expecting to financially support their parents as they get older.

This comes as two thirds of adults admitted to benefiting from the bank of mum and dad when they were younger.

However, Aegon has said that the "tables may be turning".

Pensions director at Aegon, Steven Cameron, said: "There is a generational trend when it comes to who will be financially comfortable in retirement and which generations may need help.

"Crucially, there are stark demographic differences. Those aged between ages 45 and 54 are most upbeat about their parents’ financial prospects – with 46% saying they believe their parents have the finances to support themselves through retirement. But this drops to just 2% for those in the 18-24 age bracket. 

"For some, parental financial help extends well into adulthood. 37% of people say the last time they turned to the bank of mum and dad was when they were in their twenties but one in seven (14 %) continued to receive support into their thirties. Looking to the future, a third (34%) of people express concerns about their parents' financial situation in retirement, worrying whether they'll have enough money to get by comfortably."

Aegon said that the reasons for this switch are "complex". For those in their fifites, their parents in their seventies and beyond may be benefitting from "gold-plated final salary pensions".

However, these are now dwindling in the private sector, with Aegon adding that current and future generations of retirees will likely have "less generous defined contribution pensions".

Cameron added: "Parents of those in their fifties may well have also benefitted from more affordable house prices when they were younger. Again, this has changed with parents of younger adults often not faring so well.

"Our research shows that younger generations are aware that the bank of mum and dad may at some point ‘flip’.

"Generation by generation, we are on average living longer and living to 100 is now a real possibility. These findings are a reminder that you can’t assume your later life will look anything like that of your parents. For many, their second 50 will be uncharted territory and individuals need to look at their own unique circumstances to plan to make the most of later life."

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