Almost half (48%) of UK adults have never discussed retirement plans with their family, new research from Moneybox has revealed.
According to the wealth management platform, which surveyed 4,000 UK adults, this figure was 40% among those aged 55 and over.
The findings show that a lack of openness extends beyond retirement plans. More than two in five (43%) over-55s have never discussed their retirement finances with anyone, while fewer than half (44%) have spoken about them with a partner or spouse.
Despite this, more than half (56%) of UK adults worry about their retirement finances at least once a year, including 52% of over-55s. Among older adults, more than a third (34%) worry at least monthly. However, 52% of UK adults have taken no steps in the past year to improve their retirement finances, rising to 55% among those aged 35-54 and 54% among over-55s.
In contrast, just 16% have reviewed their retirement savings, while 12% have increased contributions and 11% have sought financial advice.
When asked what makes retirement planning difficult, 14% cite fear of getting older, with others pointing to a lack of knowledge (22%) and confidence (15%).
Brian Byrnes, director of personal finance at Moneybox, said: “Our research suggests that for many people, retirement isn’t just a financial challenge – it’s an emotional one. It forces us to confront getting older, uncertainty about the future and whether we’re doing enough today to achieve the life we want tomorrow. For some, that’s easier to avoid than face.
“The problem is that avoiding the conversation doesn’t make the challenge disappear. In fact, it can leave people sleepwalking towards one of the biggest life transitions they’ll ever experience without a clear plan.
“The good news is that confidence doesn’t come from having all the answers. It comes from taking the first step. Whether that’s finding lost or forgotten pension pots, checking how much you’ve already saved towards retirement, increasing your contributions or simply starting a conversation with your partner or family, small actions today can have a powerful impact on growing your pension pot for the future.”
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