The majority of the wealth is given away while £3.3bn is in the form of loans, although these are frequently lent of very favourable terms with low expectation of them being repaid.

Most transfers come from parents aged over 50 to children in their late 20s and early 30s, although grandparents gift £330m, shows research by the Institute for Fiscal Studies (IFS). Nearly a third (30%) of young adults receive at least one transfer (of £500 or more) over any eight-year period.

The highest income fifth received an average of £6,300, or 3% of their income over the same period, while the lowest-income fifth are given an average of £240, or 0.5% of their income over the same period. Giving patterns did not seem to vary widely depending on wealth although obviusly the amounts involved were smaller.