Up to 60% of adults in the UK still need financial support from their parents, accepting £2,000 per year on average according to research.

An online survey questioned 1,022 retired people about their spending preferences, and 46% said they would rather spend money on their relatives than on themselves.

Funeral plan provider Avalon found 20% of people who had stopped working still spent £10,000 per year on their grown-up children to help them afford large costs such as tuition fees or buying a house, with 22% saying they worried more about family members' financial security than their own.

Mike Cooper, Avalon managing director, said: "Whilst those of retirement age should be preparing to escape work related stress and enjoy their new-found freedom, many are having to shelve these dreams to resolve the financial problems of their children."

However, the survey found 35% of people planned to "grow old disgracefully" after retiring, and 24% intended to use their increased leisure time to see more of the world.

Source: Press Association 2010