In research released by engage Mutual Assurance, about a third (32 per cent) of mums and dads claim to be regularly putting money away for their offspring - the highest proportion noted for more than a year. As a result of their parents continually saving cash, children may find that pressure on their finances is reduced as they get older as they could be in a much more favourable position to pay off personal loans and service other demands on their spending.

Meanwhile, just under half (48 per cent) of parents are shown to be habitually giving out pocket money. However, the financial services firm suggested that those regions where consumers are most generous in giving their kids an allowance are also the places where parents are least likely to be saving for the child's future, which consequently could further impinge upon their debt difficulties when they get older.

Overall, the east Midlands is the area where kids are the likeliest to receive pocket money as 55 per cent of their parents give their offspring funds. In addition, this is also the region where children could be most set to face a tough financial future as less than one in five (19 per cent) grown-ups are saving regular amounts of money. This contrasts with London, where the proportion of those giving out pocket money is at the country's lowest (33 per cent). However, residents from the capital are also making the most regular savings across Britain, as four in ten set money aside.

Commenting on the figures, Karl Elliott, 3GB spokesperson for engage Mutual Assurance, said: "In a credit card society that is driven by a have-it-now culture, it is pleasing that so many parents are saving for their kid's future and those children in areas where parents are the tightest on pocket money will thank them in years to come when they enjoy the benefits of a healthy, matured savings fund."

Findings from the financial services firm also showed those living in Wales are among the most generous as two-thirds shell out pocket money for their children. Meanwhile, 40 per cent of parents in the principality are putting cash into savings funds. Overall, mothers are suggested to be a "substantial driving force" behind preparing for their child's financial future.

Aside from giving pocket money, contributing towards the cost of higher education and driving lessons are the highest areas of financial commitments for parents, accounting for 11 and ten per cent respectively. Meanwhile, the study showed that even after leaving the family nest, children are still receiving help with their money. Just over a quarter (26 per cent) of respondents with offspring over the age of 25 are still giving them an allowance.

However, those worried that they do not have enough disposable income to help their children with various expenses or to save for their future may wish to think about applying for a debt consolidation loan. By doing so, consumers could be able to quickly pay off money owed via various loans, credit cards and other forms of borrowing to creditors, which in turn could leave them with more money each month to splash out on their children or to invest in savings schemes.

Earlier this year, Edward Simpson, public affairs chief for the Finance and Leasing Association, suggested that when "used sensibly", debt consolidation loans and other types of credit can help consumers manage through changes in their financial standing.