Grandparents around the country are digging deep into their pockets to help younger generations deal with their money problems, according to a recent study.

Figures compiled on behalf of the KidStart savings scheme have shown that almost two-thirds of British grandparents regularly use their own cash to offer financial assistance to their children’s sons or daughters.

Millions of young consumers are struggling with debt management and money problems and the latest data suggests that their parents and grandparents are increasingly being asked to help out.

In addition, one in five of the grandparents polled said they had offered financial assistance as younger members of their family raised the cash to buy a car, while one in ten contributed to their housing deposit.

Last week, a report from Birmingham Midshires suggested that the number of people saving money regularly in the UK has risen in recent months despite increases in the cost of living.