Some 70% of young adults receive financial support from their parents after they leave home, compared with 53% during the 1970s, the Lloyds Bank Family Savings Report found.

The number of young adults receiving help with rent payments has more than trebled from 6% to 20% today, while the number getting help with utility bills and day-to-day living expenses has also trebled, from 5% to 15%, and 7% to 22% respectively.

The research shows that money for houses (£11.3bn), cars (£4.4bn) and weddings (£4.3bn) are the biggest ‘single bills’ for UK parents supporting their children.

An additional £5.2bn is given out each year in cash gifts that are not contributing towards a specific cost or purchase.

Adults aged 25-29 demand the most from their parents, receiving £2,599 annually, significantly more than the average of £1,125 across all age groups.

As younger adults remain at home longer, parents provide yet more financial support in the form of free accommodation, energy, and other day to day living expenses.

It is estimated that 4.25 million UK adults aged 18+ currently live with their parents. This number increased by 20% between 1997 and 2011.

Andy Bickers, director of savings at Lloyds Bank, said: “The last two decades have seen a massive increase in the financial demands made on parents by their adult children, and now more than ever, saving for the future is really important.

“To get children into the savings habit it’s best to start early, by parents encouraging them to put money aside each month as they start earning, and over time they too can think about putting money away for their own children as they get older.”