Nearly six million millennials are relying on their parents’ wealth to fund their own retirement, research suggests.

Four in ten of those between the ages of 28 and 43 say that they will not be able to retire without financial support from their parents, a survey found. More than half say that cash from their parents will be their only source of income when they retire.

As many as one in five are banking on the boost they will receive from an inheritance, while 4pc have already decided how they will spend the money.

It comes after savers were warned they face a retirement crisis in the 2040s.

The state pension age is set to rise to 68 in 2037, when the oldest millennials will be 56. The current minimum amount needed annually for retirement is £14,400, although the Pension and Lifetime Savings Association (PLSA) says that £31,300 a year is needed for a moderate retirement, and £43,100 for a “comfortable” one.

However, as life expectancy continues to rise, and pensioners live for longer on their retirement pots, the pressure on their savings will intensify.

Carina Chambers, pensions expert at wealth manager Moneyfarm, which commissioned the survey, said: “In today’s economic climate, it’s clear to see that an increasing number of millennials are turning to their parents’ savings and pension funds as a crucial resource for their own retirement planning.”

She said: “This growing reliance underscores the economic hurdles faced by younger generations such as escalating living expenses – including very high childcare costs, inflation and a competitive housing market.”

Pensions provider Phoenix predicted a retirement crisis in the early 2040s, as millennials continue not to save enough.

Between 2025 and 2060, more than half of those with defined contribution pensions, which do not guarantee an income, are projected to struggle financially.

As many as three in five millennials are struggling to save enough for their retirements. Life events, including buying their own home, having children, or career changes, are putting more pressure on pension savings.

Patrick Thomson, head of research analysis and policy at Phoenix Insights, said: “There is a risk that if people don’t readjust their savings once they have got through a short-term financial challenge they will reach retirement with much less than they’d hoped for.”

He said: “As many as 17 million people are not saving enough for the retirement they expect so it is important people take steps to address saving gaps where possible.”

Younger generations have been forced to rely on the Bank of Mum and Dad for support for longer, in the face of higher costs of living.

An employee on an average wage of £35,100 needs to borrow more than eight times their salary to afford the average home at £290,000.

As a result, more than 42pc of properties bought this year were purchased with help from Mum and Dad, analysis by Legal & General found earlier this year. This is projected to reach £11.3bn by 2026.

There has also been a rise in the “Club Sandwich” generation, who support three generations other than their own. This could be the recently retired supporting their parents, children and grandchildren, or those with living grandparents, parents, and children.

By 2029, 963,000 families will contain more than one retired generation, an increase of 18pc from this year, analysis from wealth manager St James’s Place found.

In a decade’s time, this number is predicted to jump to more than 1,077,000, an increase of 32pc from 2024 – the equivalent of 264,000 families.