A new study covering 4,000 people has found that nearly half of people (48%) have never discussed retirement plans with their families.
'Psychology of Retirement' research from digital wealth management platform Moneybox has revealed that many struggle to discuss their retirement plans with their families.
The research found that even among those aged 55 and over, two in five (40%) have never had a conversation about retirement plans.
Some 44% of over-55s say they have never spoken about their plans with a partner or spouse.
The survey found:
• 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 one in three (34%) worry at least monthly.
• Over half (52%) of UK adults having 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.
Moneybox, which has more than £18 billion in assets under administration, found that just 16% have reviewed their retirement savings, 12% have increased contributions and only 11% have sought financial advice.
The study suggests that psychological barriers may be playing a part in the hesitancy:
Only 18% describe themselves as confident about retirement, 24% feel anxious, 16% fearful and 15% stressed.
When asked what makes retirement planning difficult, 14% cite fear of getting older, with others pointing to lack of knowledge (22%) and confidence (15%).
Moneybox says the findings suggest retirement may have become a “modern taboo.”
Brian Byrnes, director of personal finance at Moneybox said: "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. 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.”
Moneybox has developed a range of tools to help consumers with retirement planning.
• Consumer research was conducted by Opinium on behalf of Moneybox from 15 - 22 May among 4,000 UK Adults, weighted to be nationally representative on the basis of age / gender / region.