However, according to Scottish Friendly, the number reduces as the age of the child increases.

For example, the research shows the much lower figure of 37% of people with at least one child between 7-12 years old are saving more now than they did two years ago. That drops still further to 33% for people with at least one child aged 13-17 years, and further still to 21% for people with at least one child aged 18 or over still living at home.

Looking at the numbers of people who are now saving less than they did two years ago, it goes in reverse order.

Half of people with at least one child aged 18 or over still living at home are saving less now, that drops to 47% for people with at least one child aged 13-17 years, dropping further to 44% for people with at least one child between 7-12 years old, and bottoms out at 41% for people with at least one child under six.

It is the same pattern when it comes to investing habits.

The findings form part of Scottish Friendly’s 2024 Family Finance Tracker, which examines the savings and investment habits of adults across the UK. The study of 2,600 adults shines a light on the reality of people’s financial situation and their aspirations.

Conducted by the Centre for Economics and Business Research (Cebr) on behalf of Scottish Friendly, the research findings additionally show that 35% of people who have never been a parent or guardian to children report that they are saving more now than they did two years ago. Thirty-eight per cent say they are saving less now.

Meanwhile, 26% of empty nesters report that they are saving more now than they did two years ago. Forty-one per cent say they are savin`1`1g less now. 

Kevin Brown, savings specialist at Scottish Friendly, said: “Are these good intentions that have simply run out of road or a case of life getting in the way of wanting to do the right thing?

“Either way, it feels like a missed opportunity to rally the family to drive forward saving into a Junior ISA – especially for those young families where the parent or guardian hasn’t had the time or means to set one up themselves.”

Mr Brown added: “What currently stands in the way of family members, like grandparents, aunts and uncles, setting up a Junior ISA for the grandchild, niece or nephew, is one solitary line in the rule book – we believe that should be changed. And without delay.

“We’re not the only ones, our research shows that more than 1 in 3 UK adults would likely set one up if the rule was changed, that rises to nearly 1 in 2 for Greater London.

“It’s time that little line that puts up a huge barrier was rewritten. Doing so could help to secure even more children’s financial futures across the UK.”