The cost-of-living crisis is likely to increase the number of clients seeking to give lump sum cash gifts to adult children, financial advisers say.

Two in three (64%) households that currently save have either already decreased or stopped their savings habit altogether, or expect to have to do so, due to increased living costs.

Almost nine in ten (86%) early retirees between 50 and 54 would consider a return to work as the cost-of-living crisis continues to hit their finances.

The FCA is to carry out an extensive survey of solo-regulated firms to assess how they are coping with the cost of living crisis.