Over half (57%) of those sharing an adviser are sharing one with their parents or children.

Two in three (65%) share an adviser with their grandparents, and a third (34%) with their partner’s parents.

A third (33%) of those surveyed by M&G Wealth said they are ok with sharing a financial adviser with their family but would not disclose all their details.

Saving money on tax (35%), being treated fairly (38%), and being aware of each other’s financial situation (37%) were the biggest benefits to sharing an adviser according to the survey of 2,000 UK adults.

Over half of those surveyed (53%) said they have received financial advice in the last 12 months, with one in five (20%) receiving advice in the last three months.

Of those who share an adviser with their parents, a third (34%) pay for them separately. Only 19% of grandparents said they are paying for the younger generation’s financial adviser.

Vince Smith-Hughes, director of specialist business support at M&G Wealth, said: “Our research indicates that families feel happier talking to an adviser who is known to them and who they can trust. Many of the families we spoke to are also investing in each other’s financial futures, with almost a fifth of grandparents paying for their grandkids to receive financial advice.

“The fact that people are taking steps to not only get their own finances in order, but also those of their family members is heartening to see, especially amid all the economic uncertainty.”

Opinium surveyed over 2,000 UK adults who had received financial advice during the past five years on behalf of M&G Wealth.