Older parents in the UK could be putting their retirement plans in jeopardy by continuing to provide funds to their adult children, a new report has shown.

LV= research shows that over 4.4 million people in the UK aged 21 and over are receiving an average of £2,103 per year from their parents to cover basic living costs such as bills or rent.

Furthermore, parents are spending an additional £9,476 on average per adult child on so-called big ticket items over the course of their lifetimes. These one-off costs include housing deposits, university costs or paying towards a wedding.

Nearly half of all parents who support grown-up children struggle financially as a result, with 44 per cent saying they have been forced to raid their savings to keep their children afloat.

Worryingly, one in ten believe they will have to delay their retirement as a result of the financial support they give to their children.

The report from the insurer also revealed that parents expect to be lumbered with this burden for a long time, as many do not expect their children to become financially independent until they reach the age of 38.