This article is for informational purposes only and does not constitute financial advice.

More than half of UK adults over 50 have never discussed their financial wishes with their family. More than a quarter say they never plan to.

That’s not a niche finding buried in the margins of the data. That’s the majority experience. And sitting alongside it – in the same research – is something that makes the silence harder to explain away: significant anxiety, real regret, and a widely shared uncertainty about what later life is actually going to cost.

We commissioned Opinium to survey 1,009 UK adults aged 51 and over about retirement, money, and the conversations they’re having – or not having. What they told us is worth sitting with for a moment.

Worried, but not talking

Six in ten over-50s (62%) say they’re concerned about whether they’ll be able to afford care in later life. A quarter describe themselves as “very concerned.”

That concern sits alongside genuine regret. More than half of over-50s (51%) carry at least one significant financial regret. The most common: not having saved more earlier in life, cited by one in three (33%). One in six (17%) wishes they’d started thinking about later-life costs sooner.

And yet. Only 11% of over-50s have discussed their financial wishes with their loved ones in any real detail.

“The silence in this data is what stands out,” says Thomas Robinson, Product Director of Personal Savings at OakNorth. “These are people worried about care costs, who wish they’d done things differently, who are uncertain whether they have enough – and most haven’t spoken at all to the people closest to them. The gap between what people are feeling and what they’re saying is telling.”

Part of what makes this gap striking is the scale of the unknown beneath it. When we asked over-50s to estimate the annual cost of a UK care home, more than a quarter (27%) said they simply didn’t know. Among those who offered a figure, the average estimate was £56,517 – though many guessed well below that, and actual costs vary considerably. People are worried about a cost they cannot fully name, for a future they haven’t yet planned for in any detail.

Why the conversation keeps getting delayed

Among those who haven’t had the conversation, the most common explanation is deferral rather than denial. Nearly half (47%) say they don’t think it’s necessary yet. Around one in five (22%) admit they’d rather not think about it. One in six (18%) find it uncomfortable.

Here’s the finding that stands out most: only 10% say they don’t know how to start.

These figures matter because they tell us something important. The barrier in open communication amongst families isn’t a lack of vocabulary or a shortage of guidance. Most people could start the conversation – they’re simply choosing not to, for reasons that are very human: the feeling that there’s still time, a reluctance to say something uncomfortable, or the sense that bringing it up will change something.

The silence is most pronounced among those still working. Six in ten working over-50s (61%) have had no financial conversation with the people closest to them – even as four in ten (39%) admit they’re not confident about their financial position heading into later life.

There’s a pattern here that many people will recognise. Later life feels far enough away that the conversation can always wait. But the regrets in this data – the wish to have saved more, to have planned earlier, to have talked sooner – tend to arrive after the moment when they would have been most useful.

The rules of retirement are changing

Here’s what this research reveals that the standard narrative about retirement tends to miss: attitudes are genuinely shifting.

When asked about inheritance, the picture is not the one financial services has often assumed. Nearly two in five over-50s (38%) say they want to leave something behind for their loved ones, but that enjoying retirement comes first. Only 22% say leaving as much inheritance as possible is their primary goal.

The idea that older savers are primarily motivated by wealth preservation – that the default is to accumulate and pass on – is no longer the whole story. More people are thinking about retirement as an active stage of life rather than a holding pattern. Something to be experienced, not just funded.

But there’s a catch worth naming. One in five over-50s (21%) hasn’t thought about what they want to do with their money in retirement at all. Among those not yet retired, that rises to nearly three in ten (29%).

The attitudes are shifting. The planning hasn’t followed.

The confidence gap – and what tends to close it

One of the more useful findings in this research is also one of the quieter ones. Respondents who are already retired are significantly more likely to report having no major financial concerns than those still approaching retirement.

That gap matters. It suggests the anxiety that many people feel isn’t a permanent feature of later life – it’s concentrated in the years before crossing the threshold. And it shifts, meaningfully, once people have.

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 a sense of being prepared as they approach retirement.

The regrets running through this data share a timing problem. They tend to arrive after the moment when acting on them would have made the most difference.

Explore OakNorth Personal Savings

If this research has you thinking about your own savings, OakNorth offers a range of Personal Savings accounts – from easy access to fixed terms of up to five years – designed to give UK savers choices that fit their circumstances.

Over 400,000 savers hold accounts with us. Your eligible deposits are protected up to £120,000 per eligible depositor under the Financial Services Compensation Scheme (FSCS).

The right savings structure depends on your individual circumstances.

Explore our savings accounts →

FAQ: Retirement planning and your savings

How much does a care home cost in the UK per year? Care home costs vary significantly depending on location, type of care, and the level of support required. When OakNorth asked over-50s to put a figure on annual care home costs, the average guess was £56,517 – yet more than one in four said they didn’t know at all. For current benchmarks, Age UK publishes regularly updated guidance on care costs and MoneyHelper also covers this in detail.

When should I start planning my finances for retirement? The research doesn’t point to a single right answer on timing – but the direction is consistent. The most common financial regret among over-50s is not having saved more earlier. Earlier planning leaves more room to adjust, contribute, and benefit from interest over time.

Should I prioritise enjoying retirement or leaving an inheritance? This is a personal decision, and OakNorth’s research suggests attitudes are changing. Nearly two in five over-50s (38%) say they prioritise enjoying retirement over maximising inheritance. Only 22% say leaving as much as possible is their primary goal. There’s no single right answer – and the research suggests that many people haven’t yet decided where they stand.

How do I start talking to my family about money and later life? Our research found that only 10% of over-50s who haven’t had the conversation say they don’t know how to start – most are simply putting it off. MoneyHelper offers practical guidance on how to approach these conversations. The Citizens Advice Bureau can also help with questions about care planning and later-life finances.

What savings accounts might be worth considering for retirement planning? The right account depends on factors including how soon you might need access to your money, your tax position, and your goals. OakNorth offers easy access, notice, and fixed-term savings accounts with different access conditions and term lengths. Visit our savings page to compare options. If you’re unsure what’s right for you, it’s worth considering independent financial advice.

Research commissioned by OakNorth Bank, conducted by Opinium Research among 1,009 UK adults aged 51 and over. Fieldwork carried out 1–5 May 2026. Data weighted to be nationally representative of the UK over-50 population. Opinium Research is a member of the British Polling Council and abides by its rules.

Your eligible deposits with OakNorth Bank are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. FSCS protection is per eligible depositor, per authorised firm.

Tax treatment depends on your individual circumstances and may be subject to change.