Many adults will no doubt have spent their working life saving money in preparation for their retirement.

However, instead of spending it on themselves and using it to maintain a good quality of life, it seems some will be helping their children out financially.

Kate Moore, head of savings and investments at Family Investments, said young adults currently "face unprecedented financial commitments".

Furthermore, households are under a great deal of financial pressure and even though people may want to save, it is usually lower down their list of priorities, particularly if they have babies.

Ms Moore stated that "parents can help [their children] avoid the pitfalls of debt".

This could include covering the cost of their university education - something a recent study conducted by uSwitch.com found to be a concern.

Research discovered 34 per cent of parents have dipped into their savings to offer financial support to their offspring, with many saying it puts pressure on household finances.

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