A report from an insurance group in the UK reveals that many people approaching retirement age are helping out their children (as well as their parents in some cases) to the tune of thousands of pounds.
The Aviva Real Retirement Report reveals that 41% of people over the age of 55 say they have helped out family or close friends financially, during the last 12 months. Typical handouts over the year amount to £1,430 - the equivalent of 9% of their average annual income.
The most common reason we're asking 'mum and dad' for financial help into adulthood is bills / debt: 31% of over-55s gave money to help their family pay their debts and bills.
Sign of the times?
It's becoming increasingly common for parents to continue helping their children financially after they turn 18 and this survey reveals the generosity of many older parents in the UK.
Whereas in the past you might have expected parents to help out their adult children with the cost of something like a wedding, the Aviva report suggests this is less likely than people asking for help because they simply cannot afford to live on their income.
The second most common reason was for one-offs like a deposit for rental accommodation (17%), but just as many over-55s (17%) say the recipients of their generosity don't have enough money to survive - while practically as many were unemployed (16%) and needed money to get by.
What are the alternatives?
It can be a big weight off your shoulders if your family or close friends are able to help you out financially while you're in debt, which this report suggests is the most common reason people would ask for help.
However, the report also highlights that over-55s are on limited incomes themselves, and cannot provide an unlimited amount of hand-outs. Plus, borrowing money from friends and family while you're in debt can mask how bad the situation might actually be.
A debt expert from Gregory Pennington - who supplied this article - commented: "Often people don't seek debt advice because they haven't realised how bad their debt situation really is, but it could be that something like a debt management plan could bring their debt payments back down to an affordable level.
"When appropriate, we can help people to negotiate a debt management plan with their unsecured lenders. While making smaller payments does have consequences, such as damaging your credit record, it can still represent the best way forward for people who are really struggling with their debts."