Almost half (49%) of people have stated that they want to financially support family members in retirement, but just 28% see it as a "realistic aim", Hargreaves Lansdown has found.

The firm’s latest survey of 2,000 people revealed that 44% of those aged 55 and over want to help their family in retirement, but just 22% believe this aim is realistic.

Thirty per cent of those surveyed said that they don’t think they’ll be able to help, and don’t want to. This figure increased to 36% of those aged 55 and over.

Higher earners (51%) are almost twice as likely to think that being able to help family members financially in retirement, compared to basic rate tax payers (26%).

Furthermore, 32% of savers are more likely to think it is realistic, compared to 18% of those with no savings.

This difference wasalso apparent between investors and non-investors, with 43% and 18% believing that they can support family members in retirement respectively.

Head of personal finance at Hargreaves Lansdown, Sarah Coles, said the research shows that "the Bank of Mum and Dad could be forced to close in retirement".

She added: "Around half of people say they’d like to be able to help family members after they have retired, but only around one in five think it’s a realistic aim. It means we need to consider how we can support our family at various stages in life, and when – if ever – the Bank of Mum and Dad can shut up shop.

"The research shows that people who have set aside money for the future in savings and investments are far more likely to be confident they’ll be able to help later in life. By building a robust emergency savings safety net, so they have one to three years’ worth of essential expenses when they reach retirement, they’ll have more freedom to help out in the short term.

"This is your money, and it’s completely up to you what you do with it. However, when you reach the point you no longer think you’ll be able to help – whatever stage in life this ends up being – it’s worth talking to your family and explaining your position. The Bank of Mum and Dad has to close one day, but it will help everyone plan for the future if your family knows it’s happening in advance and that they’re going to need to stand on their own two feet."

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