Half (50 per cent) of those aged 55 and over have not discussed the sort of lifestyle in retirement they want with a partner or loved one, research from Standard Life has found.

The research also found that 53 per cent have not had a conversation about whether they are on track to afford it when they retire.

However, those aged between 18 and 34 seemed more open to talking about their lives in retirement despite being further away from it, with 43 per cent of this cohort having never discussed the topic.

Meanwhile, over 40 per cent of over 55s have never discussed details of bank accounts, insurance documents, and wills, or how to find and access important documents, indicating they find conversations with loved ones about key financial information taboo.

Standard Life suggested that this was a “sharp” contrast to the “loud budgeting” trend popularised on social media this year among the younger generations, in which people display openness about what they do and do not want to spend money on and their wider financial goals.

The research showed this hesitancy was not exclusive to any geographical area as across the UK many people are not having financial conversations with partners or loved ones, with a third (33 per cent) of respondents never discussing their household budget.

In addition to this, 41 per cent of respondents said they have never spoken about their short-term financial goals.

Commenting on the research, Standard Life managing director for retail, Dean Butler, said: “Talking about money and planning for the future isn’t always comfortable, but it is important.

“If you’re making decisions or putting plans in place that could impact a partner or loved one, try to have a discussion to ensure you’re on the same page and working towards the same goals with at least the people in your immediate household.

“It appears to be the case that older generations are a bit more reluctant to have these conversations than their younger counterparts, but irrespective of age there are benefits to people opening up about money and their plans on how to save and spend it.”

Butler suggested that having financial conversations can also strengthen relationships, as well as bring practical benefits.

“For example, speaking about money can help you budget with your loved ones, or it could help you understand each other’s wishes for the future, such as in the event of illness or incapacity,” he added.

“It’s also a good idea to share key financial information, like how to access important documents, with someone you trust in case they need to know for the future.

“It may feel difficult to begin a discussion about finances and your future, but it will help you plan for both the short and long term and understand whether you’re on track to meet your goals or need to make any changes to help you reach them.”

Butler also suggested having conversations about how and when to retire, locating all their pensions, and about beneficiaries and estate planning should be a priority.

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