Parents lent almost 30 percent more money to their children in 2016 in comparison to the year before, according to a new study.
Over the last year, parents have lent nearly £4,000 on average to their children, which is a 29 percent increase from 2015.
The survey conducted by Bank of Scotland also found the number of children asking for a helping hand from their parents has risen by nearly 10 percent.
In 2015, a quarter of 18 to 24 year olds were taking loans from their parents, however, in the last year that number has risen to 34 percent.
But more offspring between the ages of 25 and 34 were becoming financially independent, with a roughly 30 percent borrowing from parents in comparison to 39 percent the previous year.
"Fewer parents are lending smaller amounts of up to £1000 yet more are now providing quite substantial loans to children of £3000 or more,” head of customer and change at Bank of Scotland, Rachel Bright said of the survey’s findings.
"It's very possible that this is parents helping their children with education costs or getting on the property ladder."
