Two separate studies published this week point to similar concerns. Research from Standard Life shows that people now expect to work more than five years beyond their preferred retirement age, while Scottish Widows says financial vulnerability could disrupt the long-term savings plans of 62% of the population.
Retirement Expectations Move Further From Reality
The average person in Britain would like to retire at 62, a figure that has remained unchanged for three years. According to research cited by GB News and published by the Standard Life Centre for the Future of Retirement, however, people now expect to continue working until almost 68.
The difference, described as the Retirement Expectation Gap, has reached 5.3 years. It stood at 4.4 years in 2024 and 4.7 years in 2025, meaning the gap has now passed five years for the first time. The findings are based on a survey of 6,000 people across the UK.
The figures vary considerably between groups. Renters have the widest gap among housing categories, at 6.8 years, compared with 2.1 years for people who own their homes outright. Women also report a larger divide between their preferred and expected retirement ages. Their gap has increased from 5.4 years in 2025 to 6.1 years, compared with 4.5 years for men.
Younger adults face similar pressures. Millennials would like to retire at 61 but have a 6.8-year gap, while Gen Z respondents hope to retire at 60 and face a gap of 5.9 years. Financial concerns appear throughout the survey. Some 26% of adults say they are struggling to manage on their current income, while 63% worry that they are not saving enough for retirement. Another 51% fear their savings will not last throughout retirement.
Planning also differs sharply. According to Standard Life, people who have undertaken extensive financial planning face a retirement gap of 2.5 years, compared with 7.3 years among those who have done no planning.
Financial Vulnerability Can Disrupt Long-Term Pension Saving
A separate Scottish Widows report highlights how illness, bereavement, divorce and financial insecurity can affect retirement saving during a person’s working life. According to Scottish Widows, 62% of the population could experience a major life event or financial challenge that seriously affects their retirement savings. Its report was based on YouGov data from 5,120 adults.
The study cited by the Express found that 54% of people with vulnerable characteristics reported increased financial stress when setting money aside for retirement. Among adults without those characteristics, the figure was 29%.
Jill Henderson, retirement expert at Scottish Widows, said financial vulnerability can arise at different stages of life and may have lasting effects on long-term plans. A fall in income, including through ill health, can reduce savings, increase debt and push retirement planning further down the list of immediate priorities.
The Standard Life findings also show the limits of relying on longer working lives. Some 18% of respondents said they would be unable to remain in their current role beyond the age of 60, while 47% said they could not continue in the same job beyond 70. At the same time, only 12% are making pension saving a priority, down from 15% a year earlier, and 35% have carried out no retirement planning at all.
