One in seven (15%) parents with children aged over 18 are planning to delay or have a more modest retirement to provide them with financial support, research from Standard Life has found.

Around three in five (61%) parents of over-18s were helping their children financially, with Standard Life highlighting that this support was having a lasting impact on their ability to save for retirement.

Three quarters (75%) of parents providing support said it had affected them financially, while 27% had dipped into their savings and 18% said they were saving less for the long term.

More than one in 10 (12%) said this support meant they had contributed less to their pension than planned, and 15% expected to retire later.

The same proportion (15%) expected to have a more modest retirement and become more reliant on the state pension.

Standard Life noted that these longer-term consequences were evident among parents of over-18s who had already retired, with 24% saying that having children was the biggest factor impacting their ability to save for retirement.

Despite this, 57% expected nothing in return and 39% were happy with their decision to provide financial support.

More than a third (36%) said they wanted to help their children achieve long-term financial security, while 11% saw support as a form of early gifting for inheritance tax purposes, ahead of pensions coming into scope of the tax from 2027.

“For many parents, helping their children financially is something they would do in an instant, without hesitation,” said Standard Life retirement savings director, Mike Ambery.

“Life is rarely linear, and like many other milestones, it’s completely normal for pension savings to take a back seat when focusing on supporting children.

“However, at the same time, parents mustn’t lose sight of their own financial goals. Everyone’s journey to and through retirement can be better and understanding where you are in terms of your own long-term finances is also important, to ensure you are heading towards the retirement you envisage.”

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