The study revealed retirees who still provide regular support to their dependants pay out an average of £250 a month, or £3,000 over the course of a year.

Retirees are providing financial support for two other people on average – mostly children and grandchildren.

At least half of those dependants who are being supported are family members aged 25 or under.

The research found that 14% provide help with everyday living costs, such as food or travel, while 11% hand over money for luxury items such as holidays, new cars or TVs.

Despite this financial support, the study found that 30% of people retiring this year will still be able to leave an inheritance, averaging nearly £180,000. However 24% won’t be able to afford to leave anything.

Stan Russell, retirement income expert at Prudential, said: “Our research shows that retirement doesn’t necessarily mean an end to family financial commitments. Although the incomes people expect to retire on in 2014 have increased for the first time in three years, many retirees will still be feeling the pinch when they first stop working.”