A TOTAL of £2.3 billion was paid out by over-55s in Yorkshire and Humberside to support their children and grandchildren last year, a survey has found.

The research by the Equity Release Council found almost £1 billion goes towards younger relatives’ home buying costs, with £309.1 million used to pay off their debts.

More than half of all over-55s in Yorkshire and Humberside feel responsible for helping adult children financially. But 16 per cent cannot afford to offer their children or grandchildren any financial support without falling into difficulties themselves.