In a survey of almost 10,000 adults expecting to enter retirement this year, 31% said they expected to use their retirement income to provide financial support to their families.

Conducted by Prudential, the study found that those planning to offer support expected to give £360 per month to an average of three people, which amounts to £4,320 a year after tax.

Younger generations, such as children and grandchildren, were the most common recipients at 56% and 25% respectively, although a minority expected to give financial help to parents (8%) and grandparents (2%).

Stan Russell, Retirement Income Expert at Prudential, commented: “While it’s understandable so many people want to financially support family members, it's important to make sure they have enough money set aside themselves to cover their own living costs and that they don’t put their retirement at risk.

Saving as much and as early as possible, and seeking professional financial advice, is crucial for those who don’t want to risk feeling the pinch in their own finances by helping out family members.”

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