Outdated perceptions of retirement risk are creating a generation of "too little, too late" savers, according to research from M&G.

The research found that nearly three in five of those not retired in the UK (58 per cent) thought the way retirement is written, talked about, or portrayed is uninspiring, while a further 55 per cent said it doesn't reflect the life they want to lead.

Nearly half of respondents associated retirement with traditional activities, such as gardening and home improvements (47 per cent) and reading (46 per cent), and, as a result, nearly three-quarters (72 per cent) believe retirement needs to be portrayed in a more accessible way.

M&G suggested "outdated" portrayals of later life had negative consequences for financial planning, with 62 per cent of those who have not started to plan financially for their retirement saying they do not plan to start until they are at least 40 years old.

"The way later life is currently being portrayed is not realistic, aspirational or reflective of how people are now living," said M&G managing director of individual life and pensions, Anusha Mittal.

"Our research shows the reality of later life is radically different today than it was in previous decades, and how people are enjoying their later years is currently misrepresented," she continued.

"If we don't begin to reframe this chapter of life positively, the risk is that more people will continue to avoid planning for retirement and the 'too little, too late' generation will continue to grow. We need to break the cycle, have a cultural reset, change the conversation and inspire people to plan.

"We also need to give people greater financial confidence to put their money to work. This involves setting a clear roadmap for the future of auto-enrolment, providing greater education on the principles of pensions and savings, and making advice more accessible."

To address its research findings, M&G is launching a new national campaign to "change the conversation" around later-life financial planning, including a photography series that better reflects the reality of retirement.

Additionally, they have announced a set of policy recommendations, including a comprehensive review of how retirement is portrayed and the provision of financial education, a clear roadmap on the future of auto-enrolment contribution rates, and better access to affordable financial advice.

"By putting concrete actions in place, combined with more positive representations of later life, the industry can better support people to take action to meet their financial goals," Mittal added.

M&G has also commissioned a review on how later life is portrayed, in partnership with The Social Market Foundation.

Social Market Foundation director, Theo Bertram, said M&G's findings show that the UK needs a "cultural reset" on how it discusses pensions.

"Changing the perception of later life has huge potential to boost saving rates and give people more confidence over their financial future," he continued.

"As the government's Pensions Review looks at these critical issues, our partnership with M&G will explore whether we should reframe how we discuss later life and what positive impact this could have."

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