Young adults are relying on their parents for help to meet day-to-day living costs in more than half of cases, according to a new survey.

The poll of 1,184 people over the age of 40 for LV= showed that 55% still contributed to their adult child's living expenses. In addition to this regular financial help, parents also shelled out an average of £21,540 in one-off contributions towards weddings, cars and buying a house.

The single biggest expense faced by parents is university fees, which add up to an average of £6,735 for a three-year degree course, the YouGov survey found.

Helping their child get on to the property ladder can cost parents an extra £5,602 on average, and contributing towards their child's first car can set them back a further £1,702.

Almost one in five couples pay out more than £5,000 towards their offspring's wedding, with the average cost standing at £3,111. And parents have also parted with an average of £3,340 to pay into savings or investment accounts in their child's name.

Children over the age of 25 were still living with a quarter of parents aged between 40 and 49, while 79% of parents who also had grandchildren said they were contributing towards their upkeep as well.

The survey also found that around 45% of parents aged over 70 are still helping out their children financially, despite the fact that most of these people are retired and living on reduced incomes.

Asked why they helped their adult children financially, nearly two-thirds of parents said it was because they needed assistance, with 17% saying their children had approached them for help. However, only 29% of today's parents said they had received help from their own parents after they had left school.

Nigel Snell, communications director at LV=, said: "Our study shows that parents can no longer expect their children to pay their own way once they have flown the nest."

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