While people dream about retiring at 62 they do not expect to be able to retire until they hit 67, according to new research.

Last year the same study found the expectation was age 66.

The current UK State Pension age is 66 but this is due to increase to 67 between 2026 and 2028 and then 68 between 2044 and 2046.  

The gap has widened in the last year because of rising living costs, pension insecurity and financial pressures pushing expectation further from aspiration, according to Standard Life.

Less than three in ten, 30%, of UK adults said they were currently living comfortably. But despite more than half, 53%, worrying they are not saving enough for retirement, only 15% have made pension saving one of their top financial priorities for the year.

Almost half, 47%, said they feel their retirement finances are outside their control.

While the scheduled rise in the State Pension is a possible factor in the shift in expectation to 67, the report also showed that public awareness of the State Pension age is low.

Less than one in five, 18%, correctly identified the current State Pension age of 66.

Confidence in the State Pension is also low. Less than a third, 29%, think the Triple Lock will still be in place when they reach retirement, and only a little over half, 51%, think that the State Pension will still be available for all by the time they retire, as it is currently.

While the average Retirement Expectation Gap across the UK is five years, it varies widely depending on geography and socio-economic background, according to the study.

Source: Standard Life

The Retirement Expectation Gap is widest in the North East at 5.9 years and Yorkshire & the Humber at 5.3 years. It is the narrowest in London at 3.5 years – creating a regional difference of 2.4 years.

The East of England and the South East both have a Retirement Expectation Gap of 5.3 years, and Scotland and Wales both face a 4.9 year gap. The West Midlands, at 4.7 years, has the second-narrowest gap.

There are also wide differences between renters and homeowners. Renters face a gap of 6.1 years, compared to 5.2 years for homeowners, and just 2.4 years for outright owners.

Income also has a notable effect. For households with an annual income under £30,000, the gap is 6.2 years; it narrows to 5.1 years for those earning £30,000–£50,000, 4.6 years for those earning £50–100,000, and just two years for the highest earners.

Those with no pension savings face a 6.5-year gap, compared with 4.7 years for those with DC pensions, 2.5 years for those with DB pensions, and 2.1 years for those with personal pensions.

Catherine Foot, director of the Standard Life centre for the future of retirement, said: “Two decades ago, the independent Pensions Commission helped transform retirement saving by creating auto-enrolment. It has brought millions of people into regular workplace pension saving, but it’s clear that average rates of saving are too low to give most people a decent income in retirement.

“With the Commission now revived, there is an opportunity to deliver even bolder action – building on the groundwork of auto-enrolment to tackle pension adequacy, in the context of longer working lives and the ongoing State Pension age review, to help people get one step closer to achieving their retirement aspirations.”

• Research conducted by Ipsos on behalf of Standard Life in June 2025. In total 6000 participants took part in the online survey. Participants were aged 18-80 and were a mix of working, unemployed and retired people. Quotas and weights were used to ensure the respondents were representative of the UK general population on age, gender and region.