One in 10 retirees who had helped someone financially did so using money from their pension, according to the latest LV= Wealth and Wellbeing report.

The main reasons people gave away money were to help with day-to-day costs (40%) and bills (33%). Over the past six months Britons had also given money to help with paying debts (11%), mortgage or rent (11%), and childcare/education costs (8%).

The average amount given to children was just under £9,000, while the average amount for grandchildren was (£10,300).

Younger savers were less likely to have given support, with 20% of those aged between 18 and 34 having supported friends and family financially.

David Hynam, CEO at LV=, said: “In recent months, younger generations have had to lean on friends and family members for financial help with living costs. Parents are also willing to support their children through adulthood, potentially putting a strain on their own finances.

“Retirees are dipping into their pensions and other savings. The idea of passing down a living inheritance is understandable, yet it is important that this shouldn’t prevent a comfortable retirement when many pensioners are already living on a fixed income.”

A separate report from BNY Mellon earlier this week found that 29% of financial advisers have seen clients share concerns over the cost of supporting family members.

LV= surveyed 4,000 Britons in June.