PEOPLE aged over 55 in the South West contributed £2.5bn to support their children and grandchildren last year.

Research by the Equity Release Council said help pay off debt was the most common financial assistance given.

Almost one in five (19%) of over-55s with younger families were called on for this help in 2014.

Across the South West, the value of this inter-family lending and gifting from over-55s in 2014 amounted to £2.5bn.