Research by Ocean Finance found 1.6m people had lent such a sum in the past 12 months, often to cover deposits for rental or house purchase.

The survey found people were often relaxed about repayment with 42% happy to be repaid when the borrower can afford it. Another 21% were happy to be repaid in instalments while 12% said they did not expect to be repaid at all.

Over 55s were the most likely to offer a loan to family, with those aged between 25 and 34 most likely to accept such a loan, an age where people are typically looking to purchase or rent their own home.

Other reasons for such a large loan include buying a car or holiday, or financial support while at university.

Those borrowing the money said they had often agreed a repayment plan, with 50% having a date where they wish to pay back the loan.

Ocean’s Ian Williams said: “Whether it is to help fund university costs, a deposit to rent or buy a property, to put towards a holiday or a car, or just to help towards the cost of living, over 1.6m people over 55 have lent money to younger relatives over the past year.

“And whilst the money was pitched as a loan, it is clear that in very many cases repayment isn’t expected.”