Pensioners across the south owed thousands of pounds by their children

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A new study has revealed 31 per cent of retired people in the south are under financial pressure because they are owed money by their children.

The figures are part of a new cost of retirement index from insurance company MetLife, which looks at the finances of the UK’s 10-million-plus retired people.

The index has shown one in four over 65s are owed money by their children and 13 per cent of the over 65s in the south still have family living with them.

Some 31 per cent of retired people in the south are owed money by their grown-up children - among the highest in the UK.

The research into the financial pressures on retired people has revealed the average amount owed by children over 18 to their retired parents is £3,100, with one in 10 owed more than £5,000,

Nearly a million over-65s across the country have adult children and family living with them.

Dominic Grinstead, managing director of MetLife UK, said: “Being able to lend adult children money is important to millions of retired people and many can definitely afford to do so and are happy to pay out.

“But the fact that so many are helping out adult children demonstrates that people need flexibility in their finances in order to be able to fund potential financial surprises.”

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