Half of over-50s have never discussed their finances with their family. A quarter never plan to. New research reveals a nation that is worried about retirement – and not talking about it
London, UK, 2nd June 2026; OakNorth – More than half (54%) have never discussed their financial wishes and plans for later life with their loved ones. More than a quarter (28%) say they have no intention of ever doing so. And among those who have avoided the conversation, nearly half (47%) say the reason is simple: they don’t think it’s necessary yet.
New research commissioned by OakNorth Bank, conducted by Opinium among 1,009 UK adults aged 51 and over, suggests that the silence is not born of contentment. It exists alongside significant anxiety, widespread financial regret, and deep uncertainty about the costs that later life may bring.
Worried – but not talking
Six in ten over-50s (62%) are concerned about whether they will be able to afford care in later life. A quarter (25%) describe themselves as “very concerned.”
More than half (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 had started thinking about later life costs sooner.
Yet only 11% of over-50s have discussed their financial wishes with their loved ones in detail. And 28% say they never plan to.
“The silence in this data is what stands out,” said 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..”
The reasons people stay quiet
Among those who have not had the conversation, the most common explanation is deferral rather than denial. Nearly half (47%) say they simply don’t think it’s necessary yet. Around one in five (22%) admits they don’t want to think about it. One in six (18%) finds it uncomfortable.
Only 10% say they don’t know how to start.
The silence is most pronounced among those still working. Among working over-50s, 61% have had no financial conversation with their loved ones whatsoever – with 47% who say it isn’t necessary yet, even as 39% admit they are not confident about their financial position for later life.
“There’s a pattern here that many people will recognise,” said Robinson. “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.”
A nation uncertain about the cost of later life
When asked to estimate the annual cost of a UK care home, more than a quarter of over-50s (27%) said they simply did not know. Among those who gave a figure, estimates varied widely – with an average of £56,517 and significant numbers guessing well below that.
The uncertainty compounds the anxiety. Over-50s are worried about a cost they cannot quantify, for a conversation they have not had, about a future they have not planned for in detail.
One in five over-50s (21%) has not thought about inheritance at all. Among those who have, the most common attitude is pragmatic: 38% want to leave something to their family but say enjoying retirement comes first.
ENDS
Notes to editors:
About the research Research was conducted by Opinium Research on behalf of OakNorth Bank. Fieldwork was carried out between 1 and 5 May 2026 among a nationally representative sample of 1,009 UK adults aged 51 and over. Data was 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.
Media contact Tom Pavey-Smith | [email protected]
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 www.oaknorth.co.uk for more information.