When children fly the nest and leave the family home, it is often accompanied by a huge sigh of relief by the parents as they appreciate the lifted strain from their finances.

However, the financial responsibilities to children do not often end there, with millions of adults continually asking their parents for money for a variety of reasons. According to new research by LV=, parents across the UK fork out at least 233 billion pounds each year in order to support their kids in a range of ways - from weddings to university fees and their first home.

The study found that 94 per cent of parents continue to contribute financially towards education and other major purchases once their child has reached adulthood. Over half of those polled admitted to helping their children out with general living costs - showing that the credit crunch and rising expenses are impacting on the finances of such adult children.

Overall, the average parents contribute 21,540 pounds to their children after they have reached adulthood, with many taking out personal loans in order to do so. The study found that 63 per cent of parents have contributed more than 3,000 pounds towards their adult child’s first home, while 42 per cent have paid over 1,000 pounds towards the cost of their child’s first car.

University fees are a major source of concern for many young adults, with 21 per cent of parents quizzed admitting to spending more than 3,000 pounds a year to their child’s university costs.

Nigel Snell, communications director at LV=, said: “Parents certainly like to financially contribute, if they can, towards large purchases for their adult children, such as weddings and deposits for first homes. However, it seems that the current economic climate is impacting on day to day finances too. Parents are the hardest hit, with a large proportion admitting that they are helping to cover their children’s living expenses, as well as meeting their own financial commitments.”

Meanwhile, 23 per cent of parents aged between 40 and 49 years old still have children aged over 25 living with them, as a result of high house prices and living costs.

Mr Snell added that parents should not “expect” their children to pay their own way once they have flown the nest.

The topic of the cost of bringing up a child has been brought up a lot over recent weeks. A study by insurer Sheilas’ Wheels found that Britons could be spending thousands of pounds on kitting their children out with the latest toys, gadgets and sports gear as they return to start the new school year this month.

According to the research, 43 per cent of school children now have a mobile phone, while 15 per cent of children were found to take a hand-held games console to school with them. Just under a fifth - 19 per cent - take a portable music player, such as an iPod, with them to class.

If this sounds familiar to you, you could mention to the offspring that they could get their own loans. Tenant loans are available for them if they do not own their own home yet.