Many people are no longer able to rely on their families for loans but can depend on other types of support, new research has revealed.

According to Chelsea Building Society, although 59 per cent of people said they would be willing to help their family members, approximately 30 per cent admitted rising living costs prevent them from doing so.

Whereas in the past families may have provided loans and other financial assistance, today they offer "more traditional support" to their loved ones.

Some 54 per cent provide accommodation free of charge and 51 per cent look after children so parents can work.

Darren Stevens, director of customer services at Chelsea Building Society, said: "Whereas previously Britons could rely on their family members to bail them out when they got into difficulty, now when they turn to their families as a last resort they might find that their families are also suffering the pinch."

In related news, More Than recently reported that the average worth of a British family's possessions will increase over the next five years from £70,848 to £90,422.

The firm attributed this rise to the number of people improving their homes, rather than moving properties.