Marvin OnumonuMillions still avoid talking about pensions with family, research from Standard Life’s Retirement Voice 2025 found.
Only a third (33%) of people spoke to relatives about pensions in the past year, compared with 48% who discussed household bills and 41% who spoke about inflation.
47% of people aged 55 to 65 had spoken about pensions with family, while this dropped to 18% among 18 to 24s and 29% for 35 to 44s.
Nearly a third (30%) said they felt uncomfortable talking about money with family.
This rose to 37% among 18 to 24-year-olds.
A quarter (25%) of those aged 55 to 65 and 22% of people aged 66 and over said the same.
Mike Ambery, retirement savings director at Standard Life, said: “Many families will soon be coming together to spend some quality time, perhaps catching up on how the year has gone, any holiday plans, or family life in general… Money, however, can feel like one of the hardest subjects to bring up, but keeping your financial life to yourself can make future decisions much more difficult.
“Talking about your long-term finances – as well as shorter-term priorities – can have both emotional and practical benefits.
“It can help you feel more in control, reduce stress, and build confidence in your financial future.”
Ambery added: “Even small, informal conversations can spark positive action – like checking your pension balance, setting savings goals, or tracking down old pots.
“Starting early means you’re more likely to stay on track and avoid surprises later on.”
He stated that it’s important to talk with family, especially partners, about retirement goals and when you plan to stop working.
He noted these conversations can help work out how much you need to save and if you are on track.
Additionally, he said speaking about your plans with a loved one can make things clearer and give you confidence.
He pointed out that many people have lost track of old pensions from previous jobs.
Ambery said discussing past jobs with family could help track down old pots and remind others to do the same.
Ambery added that families should also talk about who will inherit pension savings.
He said pensions aren’t usually covered by wills, so it’s important to nominate beneficiaries with your provider.
