Almost half (48 per cent) of UK adults have never discussed retirement with their family, despite widespread concerns over later-life finances, research from Moneybox has found.

The provider’s Psychology of Retirement research found that even among those aged 55 and over, many of whom are approaching or already entering retirement, 40 per cent said they had never had the conversation.

The research also found that more than two in five (43 per cent) over-55s have never discussed their retirement finances with anyone, while fewer than half (44 per cent) have spoken about them with a partner or spouse.

Moneybox warned that the findings indicated a widespread emotional and communication gap about what later life will look like.

The research, conducted by Opinium among 4,000 UK adults, also found that 56 per cent of respondents worry about their retirement finances at least once a year, including 52 per cent of over-55s.

Among older adults, more than a third (34 per cent) said they worry about their retirement finances at least monthly.

However, the research suggested that this concern is not always translating into action, with 52 per cent of UK adults having taken no steps in the past year to improve their retirement finances.

This rose to 55 per cent among those aged 35-54 and to 54 per cent among those over 55.

Meanwhile, just 16 per cent of respondents had reviewed their retirement savings, while 12 per cent had increased contributions and 11 per cent had sought financial advice.

Moneybox noted that avoidance may be contributing to the lack of engagement, as only 18 per cent of respondents described themselves as confident about retirement.

By contrast, 24 per cent said they felt anxious, 16 per cent said they felt fearful, and 15 per cent said they felt stressed.

When asked what makes retirement planning difficult, 22 per cent cited a lack of knowledge, 15 per cent pointed to a lack of confidence and 14 per cent cited fear of getting older.

Moneybox suggested that retirement may have become a “modern taboo”, with many people avoiding conversations that force them to confront ageing, uncertainty and financial responsibility.

Moneybox director of personal finance, Brian Byrnes, 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.”

Byrnes warned that avoiding retirement conversations does not 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,” he continued.

“The reality is that retirement isn't something that suddenly arrives one day – it's built through the decisions and habits we develop over decades.”

Byrnes argued that confidence does not come from having all the answers, but 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."

He added that technology could also help make retirement planning more accessible.

“Tools such as Moneybox Aurora can help people cut through complexity, understand their options, and help people make smart, more confident financial decisions by providing personalised, actionable steps tailored to their circumstances."

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