About one in six adults (16%) in the UK describe themselves as financial carers, helping to manage the money of a relative who is older and more vulnerable, a survey for Legal & General shows. Many start in their 30s. The reasons include signs that a loved one is struggling with finances, such as missed bills, forgotten accounts or losing track of day‑to‑day money. Carers often help with paying bills, dealing with banks or pension providers, and may even check texts and emails to spot scams.

The role can place a financial strain on carers. More than a fifth (22%) have used their own money to cover a relative’s expenses, 17% have taken time off work and 22% have reduced their hours to meet caring needs. There is a knowledge gap too: only 25% understand how a pension works, while 15% say lack of knowledge has caused problems when helping. By contrast, 24% say being a financial carer has prompted them to take charge of their own pension planning.

Paula Llewellyn, chief executive of defined contribution and workplace savings at L&G, said retirement planning is not just a financial task but a balancing act shaped by real-life pressures. “Retirement planning is often framed as a numbers game but behind every pension pot is a person juggling real-life pressures, information overload and emotionally charged decisions. For many defined contribution savers, retirement planning isn’t just a financial task; it’s a balancing act. And limited knowledge and competing priorities—from childcare to eldercare—can push pensions to the bottom of the to-do list.” The group has expanded its guided retirement planner to widen access for younger DC savers. Launched for those at retirement age at the end of 2024, more than 70,000 members aged 55-plus have started using the planner, which identifies priorities and provides insights to support a sustainable retirement income, L&G said. The survey was conducted by Opinium in July and August among 4,000 people across the UK.