Children are happy for their parents to spend their inheritance, research has today claimed.

A study by Saga Equity Release states 72 per cent of children do not have a problem with their parents using the equity in their house to fund their retirement.

Meanwhile, 90 per cent of those questioned claimed they did not expect an inheritance.

Andrew Goodsell, chief executive of Saga, said: "The new generation of retirees are bucking tradition and no longer believe their children have an automatic right to inheritance."

One-fifth of participants stated they would use any money left to them to help pay a mortgage or a deposit to get on the property ladder.

While 62 per cent of children said they did not mind how their parents spent the money, 16 per cent claimed they would not approve of their inheritance being used for a charitable donation.

Meanwhile, latest figures suggest the average home-buyer will need to offer a £37,119 deposit in order to be eligible for the best mortgage deals, according to the Times.