This taboo specifically extends to discussing the financial aspects of stopping work. Moneybox found that two in five (43 per cent) over-55s said they had never spoken to anyone about their retirement finances, while fewer than half (44 per cent) had discussed them with a partner or spouse.
This research also showed that the majority of people are worried about their retirement finances, with more than half (56 per cent) of UK adults worrying about their retirement finances at least once a year. Among over-55s, around a third (34 per cent) of respondents reported worrying on a monthly basis about their longer-term financial situation.
However, the survey shows that these concerns are not translating into action. More than half (52 per cent) of respondents said they had taken no steps over the past year to improve their retirement finances, rising to 55 per cent among those aged 35 to 54 and 54 per cent of over-55s.
Just 16 per cent had reviewed their retirement savings, 12 per cent had increased pension contributions and 11 per cent had sought financial advice.
The research also highlighted the emotional barriers to retirement planning. While just 18 per cent of respondents described themselves as confident about retirement, 24 per cent said they felt anxious, 16 per cent fearful and 15 per cent stressed.
When asked what made retirement planning difficult, 22 per cent cited a lack of knowledge, 15 per cent a lack of confidence and 14 per cent said they feared getting older.
Moneybox director of personal finance Brian Byrnes says: “For many families, retirement has become the conversation nobody wants to have. 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.”
He adds: “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.”
Byrnes adds that technology is making retirement planning more accessible through personalised guidance and digital tools.
