Parents are still paying the living costs for their children

The cost of raising children and helping them move onto the UK property ladder is still crippling many parents financially, as they struggle to help their offspring.

Two of the most common costs are those of monthly payments for rental homes and the expenditure associated with saving up for a deposit to buy properties for sale.

LV has reported that some 4.4 million adults aged over 21 are now having to turn to their parents for financial assistance.

For help with basic living costs, those being bills and the monthly rental payments, parents are having to fork out an average of £2,103 to make sure that their kids have enough to get by, even after they have left the home.

Other expenditures surround big ticket items, which include the likes of saving for a deposit to get onto the housing ladder, cost parents around £9,476.

It is believed that children will only become fully financially independent at the age of 38, while a quarter of parents believe they will always need to help out.

This could be particularly true when it comes to getting onto the housing ladder these days, as it is distinctly harder for the current generation of Brits to save enough money for a payment on their house compared to when their parents purchased.

The typical house buyer will now need to put away 20 to 25 per cent of the cost of their first home before they can secure a mortgage.

Mark Jones, LV's head of protection, said: "Bringing up a child is expensive and for millions the cost doesn't stop when your child turns 21. In fact the bank of mum and dad continues to foot the bill well into adulthood.

"Young people are leaving university with large debts, youth unemployment is high and property is unaffordable for many. Many parents won't have considered how their kids would continue to cope if they could no longer support them financially."