Over £293bn has been earmarked for younger generations by generous parents and grandparents, with more choosing to gift earlier as a result of the Coronavirus pandemic.

Children and grandchildren can expect an average early inheritance of £9,500 each.

Some 60% of parents and grandparents plan to give gifts for major purchases before they die, according to a nationwide study from financial adviser network The Openwork Partnership.

The Coronavirus pandemic has led to an increase in early gifting for many.

Almost a quarter (22%) of parents and grandparents said they plan to give more or give the money earlier as a result of the pandemic. However, 18% said they have cut the amount of a planned pay-out or will delay the gift due to the pandemic.

Some can look forward to much bigger gifts with 11% of parents and grandparents planning to give them over £25,000. Only 27% of parents and grandparents are not planning to give anything.

Pure Profile conducted research online for The Openwork Partnership among 1,280 adults, including 760 parents and grandparents, in December 2020.

The Openwork Partnership rebranded from Openwork last month to signal a “new chapter” as part of its growth strategy.

The network includes 680 firms and 4,200 advisers who advise on £20bn of client money.