A third of people will give part of their income to their struggling parents.
Younger people are more likely to give a larger percentage of their cash to their mum and dad than other groups.
One in three people would give 10% of their earnings to support their parents and grandparents in retirement, an Aviva study has shown.
The insurance company, which polled over 1000 adults, found that participants were willing to give double the amount that the average UK worker invests in their company pension.
It also outlined that respondents under the age of 21 feel the greatest sense of financial responsibility to their parents and are ready to sacrifice a higher proportion of their income than any other age group. Nearly one in five under-21s said they would donate more than a quarter of their income to their mum and dad.
Over two fifths of people said they would support their parents and grandparents if they were struggling to meet their living costs, however a third of people said they were unable to help because of their own financial pressures.
Clive Bolton, ‘at retirement’ director at Aviva said: “There is quite a contradiction in younger people’s financial attitudes towards today’s retirees. They appear to be particularly generous towards their own families, but more reluctant to support the state as a whole”.
He added: “Interestingly, our research shows that family philanthropy is also generally higher amongst those on more modest incomes. And those who earn more or who have their own retirement in their sights are less able or willing to help out as they struggle with their own finances”.