Financial pressures are forcing many parents to reduce or pause their pension contributions, with PensionBee research showing that 59 per cent are very likely or somewhat likely to do so during costly periods like back-to-school season or Christmas.

However, 35 per cent said they were not very likely or not at all likely to reduce contributions, while 5 per cent reported not contributing to a pension at all.

Back-to-school costs are a significant driver of this financial strain. The research found that 74 per cent of parents said these costs put either some or a great deal of pressure on their ability to save for the future, including into a pension or individual savings account (ISA).

And longer-term financial goals took a back seat when facing a fall in disposable income, with 12 per cent saying they would use their funds to pay off debts and loans, and only 11 per cent prioritising long-term savings such as a pension or ISA.

The survey also examined how parents would allocate any extra money after covering school-related costs, revealing that less than a fifth (14 per cent) would allocate extra funds to long-term savings such as a pension or ISA, underscoring how short-term financial pressures often take priority over long-term retirement planning.

PensionBee explained that this financial pressure is leaving many parents uncertain about their future, as whilst 14 per cent felt very confident about balancing family expenses with saving enough for retirement, 30 per cent described themselves as unconfident.

A quarter (25 per cent) of parents also admitted they felt neither confident nor unconfident, pointing to a lack of clarity and optimism about their long-term financial security.

PensionBee chief business officer UK, Lisa Picardo, said: “It’s clear that many parents are being forced to put their own financial futures on hold or at risk to cover everyday living expenses, and the burden of back-to-school costs.

“While supporting children’s needs is understandably a priority, parents need to keep a careful eye on long-term savings and retirement planning."

She emphasised that even small contributions to pensions can make a “real difference” over time, yet the firm’s research showed these are often the first things to be reduced or paused.

“Finding ways to balance immediate pressures with future planning is essential, so parents can provide for their families today without compromising their security tomorrow,” Picardo said.

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