The study, of 20,000 fathers and grandfathers, revealed a third (34%) of dads gave adult sons and daughters money to pay for their day-to-day living expenses, with one in four fathers welcoming children back to the family home while they save for a deposit for their first home.
One in four UK housing transactions and one in five car purchases for new drivers now relies on a parental cash injection, the SunLife survey revealed, as more than four in ten dads and granddads (46%) aged over 50 admitted to giving adult children and grandchildren money for one-off purchases.
Ian Atkinson, SunLife director of marketing, said: “Dads and granddads in their 50s, 60s and 70s are still doing so much for children and grandchildren, with more than half providing financial support and a third helping with childcare.
“Father’s Day is a chance to say thanks and show your appreciation for everything they do.”
As well as highlighting the financial support fathers give, the study also showed that three in 10 in their 50s, 60s and 70s feared becoming a financial burden to their family, worrying about their physical and mental health and running out of money in retirement.