A significant number of soon to be retirees are expecting to be reliant on their children for financial support after they stop working, a report suggests.

One in six 55-65s (17%) expect financial support from their kids in retirement, a survey found.

But it is a mixed picture, with parents and children both banking on financial support from each other, according to the SunLife Cash Happy report.

Nearly one in five (19%) adult children said they were relying on inheritance from their parents (up from 17% last year).

The research showed that this financial ‘tug of war’ was affecting many people’s lives already, with a fifth of 18-34s providing financial support to their parents, while one in seven 55-65 year olds have been providing financial support to grown up children no longer in education.

However, while a huge 80% of the 18-34s who have been finically supporting their older parents are finding it a struggle, with half of those saying it is constant, less than two thirds (63%) of the 55-65s who support adult children find it a struggle, and only one in seven described it as constant.

This may be explained by the fact that, as a percentage of income, older people are better off than younger generations, according to Ian Atkinson, head of brand at SunLife. Those age 55-65 have 37% of their income allocated to fixed costs, compared to 39% for 18-34 year olds.

Mr Atkinson said: “We’re seeing an older generation with high home ownership spending their savings, investments and income on enjoying the best years of their life, knowing they can still leave their home as a legacy.

“It’s not really fair to call them ‘SKIers’ (Spending Kid’s Inheritance) – it’s their money in the first place, and perhaps it’s only right that, when they’re reaching an age of more free time and fewer responsibilities, they’re using that money to fulfil some lifelong ambitions.”

He said: “Many of us our leaving our financial futures uncertain by assuming we will benefit from some sort of financial support from our families rather than making financial plans of our own.”