- Nearly two in five (38%) over-50s prioritise enjoying retirement over leaving inheritance, while many admit they still don’t have a clear financial end goal
London, UK, 19 May 2026; OakNorth – the leading digital bank for entrepreneurs, by entrepreneurs – today reveals a significant shift in how Britain’s over-50s are thinking about retirement, with many prioritising quality of life and financial flexibility over preserving wealth for inheritance.
The new research found that nearly two in five (38%) over-50s say they want to leave something behind for loved ones, but enjoying retirement is ultimately more important. By comparison, just over one in five (22%) say leaving as much inheritance as possible is their top priority, highlighting changing attitudes towards later-life finances.
The findings also point to a wider retirement planning gap among older adults. Over one in five (21%) respondents admitted they have not yet thought about what they want to do with their money in retirement. Among those who are not yet retired, this rises to almost three in ten (29%).
At the same time, the research suggests financial confidence improves significantly after retirement, with respondents being considerably more likely to say they have no major financial concerns compared to those still working, indicating that uncertainty in the years leading up to retirement may be one of the biggest drivers of financial anxiety.
Further key findings from the research include:
- 38% say enjoying retirement is more important than maximising inheritance;
- Only 22% prioritise leaving as much money as possible behind;
- 21% do not have a clear understanding of their attitude towards leaving an inheritance;
- This rises to 29% among those who are not yet retired;
- Retired respondents are significantly more likely to report having no financial concerns than those approaching retirement;
- Men over 50 are more likely to say they don’t have any financial concerns about later life than women.
The findings suggest many over-50s are moving away from more traditional retirement mindsets centred solely around preserving wealth for future generations, instead focusing on achieving greater balance between financial security, lifestyle, and supporting family where possible.
Tom Robinson, Product Director of Personal Savings at OakNorth, said: “Retirement is increasingly seen as an active, engaging stage of life rather than simply a period of financial preservation. Many people want to support their children or grandchildren while also enjoying the years they’ve worked hard for; balancing those priorities isn’t easy. What’s particularly striking from this research is how much uncertainty people still feel as retirement approaches. Many spend decades building savings without a clear end goal in mind. Putting the right strategy in place earlier can give people confidence, flexibility and feel prepared as they approach retirement.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the bank for entrepreneurs, by entrepreneurs. It was founded to address the persistent funding gap facing lower mid-market businesses – a segment that accounts for a significant share of economic output yet remains underserved by traditional banks.
To date, OakNorth has provided over $20bn in lending to thousands of entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs and generating more than £40bn in economic value. Throughout multiple economic cycles, the bank has maintained a highly disciplined approach to credit, delivering performance metrics that place it among the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit https://oaknorth.co.uk/ for more information.