British grandparents are having more pressure put on them by their children to provide them with financial assistance which they use to pay for their loans, mortgages, debts and childcare.

British people of all ages, including around 57 per cent of grandparents, have given financial support of an average of £1,800 to their children, according to the financial service provider, Engage Mutual as the cost of living has increased over the past six months.

Also according to Engage Mutual, more than 30 per cent of grandparents have provided financial support, which was used to pay for mortgage loan repayments or rent.

Karl Elliott at Engage Mutual said: "With rising living costs and debt repayments taking effect, the findings show that the majority of grandparents in Great Britain have had to help their families with everyday living costs in the past six months. As our research reveals, family members turn to each other for financial support in tough economic times, leading to increasing financial interdependencies."

He added: "With costs of living increasing and tougher times ahead it is important that people think ahead and save little and often in order to reduce the pressure to make ends meet."