A large portion of the oft-spoken about bank of mum and dad would like to see advice on how to lend or give money to children, a survey by Openwork reveals.

Of the nearly 1,200 parents quizzed, 62 per cent would like to see government-backed guidance.

Meanwhile, 32 per cent would value advice and would like to see government support, which would include guidance and tax breaks, and 71 per cent would be happy with see tax incentives for lending or giving money to their children.

Openwork also discovered that the average amount of money provided by the bank of mum and dad is £24,100 across the country excluding London and £31,000 within the capital.

And although the bank of mum and dad is the country’s sixth-largest lender, having provided over £6bn in 2019, 60 per cent of parents agree that it is a funding line of last resort.

Openwork mortgage director John Cupis says: “Parents clearly feel they need more financial insight to enable them to make the most appropriate decisions on helping children financially.

“It seems that few take legal or financial advice and considering the sums often involved, it is would be a good idea for parents to seek financial advice from a qualified financial planner so that they are able to make sound, rational and above all sensible decisions.

“Parents are often faced with a difficult choice between supporting their children or investing in their own retirement.  This is when a financial adviser can really help, sitting down with parents and talking through the available options to ensure wherever possible they can both support their children and have enough income available for the future.”