The bank of mum and dad is shifting from helping loved ones gain a place on the property ladder to helping with expenses amid the cost of living crisis, new research shows.

A survey of 1000 adults by global financial services company UBS showed about 40 per cent had received or given money last year.

The most common form of financial aid provided by family members – usually parents – was help with cash payments.

The second most popular was for assisting with mortgage interest payments, and the third was to help with purchasing a home, the research found.

Significant amounts of money were provided by the bank of mum and dad for loved ones to enter the property market.

The majority of these financial gifts were more than $100,000, while many were above $200,000.

“Although the magnitudes varied, we find that ‘bank of mum and dad’ payments to children are regularly above $200,000,” UBS said.

The generous transfers reflect the burgeoning property prices, diminishing affordability and high interest rates.

Household finances are also being propped up by contributions from grandparents, the survey revealed.

They now comprise 14 per cent of the financial transfers, with their money funding school fees or children’s extracurricular activities.

With more people borrowing from their family, experts say it is important to establish boundaries from the start to maintain a healthy dynamic.

“It’s really important to be clear just what the deal is here. Is it a gift, is it a loan, are you going guarantor,” psychologist Peter Quarry told 9News last year.

In worst cases, loans from families have led to legal disputes.

The advice for those tapping into the bank of mum and dad is to document the agreement in writing, clarify whether it is a gift or a loan, review your will and workshop “what-if” scenarios.