New research from Standard Life's Centre for the Future of Retirement reveals that 43 percent of mothers with children under 18 have done no planning around how much money they will need in retirement, compared with just 22 percent of fathers. The findings, published in its Retirement Voice 2026 report, highlight how childcare, work and household finances can push long-term financial planning down the priority list.
Single mum Kate Mansfield, 36, has been paying into a pension regularly since she was 21. After divorcing her daughter's father, she bought a home on her own, taking on a mortgage that could leave her working well into her late 60s. The project manager bought a three-bedroom mid-terrace house for £304,500 in 2024, taking out a £170,000 mortgage over 34 years.
Struggling to save for retirement
While she would love to give up work at 60, Kate admits she has little capacity to think beyond the immediate financial demands of raising her daughter and keeping a roof over their heads. She said: "I mean I haven't thought about anything apart from the fact I pay into a pension and I know when I'll be mortgage free; I have no spare brain capacity for more than that right now."
"I'd love to retire at 60, but realistically, I think I'll be working until I'm 68. Buying a house on my own after my divorce was a big step, but it also means taking on a long mortgage, and I need to make sure I can afford to keep a roof over our heads," she added.
Competing demands on time
The research, which surveyed 6,000 people across the UK, found that one in five adults aged 18 to 80 – equivalent to around 10.4 million people – feel too busy to plan for their financial future. Among parents with children under 18 who said they were too busy, looking after children was the biggest competing demand, cited by 66 percent. The figure rose to 76 percent among mums, compared with 54 percent of dads.
Work was the most commonly cited time pressure overall, with 60 percent of those who felt too busy pointing to their job. Family and household responsibilities came second, mentioned by 49 percent, while 44 percent said managing day-to-day finances left them with little time to consider the future.
Women were particularly affected by these competing demands. More than half (55 percent) of women who felt too busy cited family and household responsibilities, compared with 44 percent of men. Almost half (48 percent) also said managing everyday finances was taking up their time, compared with 40 percent of men.
Retirement ambitions vs expectations
The findings come as immediate financial demands continue to take priority over longer-term security. Managing day-to-day finances was the main financial priority for 42 percent of respondents, while just 12 percent said pension saving was their biggest priority, down from 15 percent in 2025. Meanwhile, only 43 percent of people said they felt positive about their financial situation, down from 48 percent in 2024.
Despite these pressures, concern about retirement remains widespread. Almost two-thirds (63 percent) of people who have not yet retired worry they are not saving enough for later life, rising to 71 percent among millennials. According to Standard Life's research, millennials want to retire at 61 on average but expect to work until almost 68 - a gap of 6.8 years. Across the UK, the gap between when people want to retire and when they expect to stop working has reached a record 5.3 years, with people still wanting to retire at 62 but now expecting to work until almost 68.
Catherine Foot, director of the Standard Life Centre for the Future of Retirement, says financial pressures are not the only obstacle preventing people from preparing for later life. "These findings show that money is not the only constraint," she said. "Work, caring responsibilities, family life and the demands of managing finances today are all competing for the time and headspace people need to think about tomorrow."
"That is particularly visible among parents, many of whom are balancing work and household finances with the day-to-day demands of looking after children," she added. Ms Foot said it was important that people did not allow being busy to become a permanent barrier to retirement planning. "Retirement can feel a long way off, particularly when there are more immediate demands on your time and money, but even small steps to understand what you already have and think about what you might need can make planning feel more manageable," she said.
She added that policymakers, employers and the financial services industry all had a role to play in making retirement planning simpler and more accessible.
