As families prepare to gather for the festive period, money remains a topic many would rather leave off the Christmas table – especially when it comes to pensions. Just a third of people (33%) have spoken to their family about pensions in the past year, according to Standard Life’s Retirement Voice 2025 research. That’s far fewer than those who regularly discuss household bills (48%) or inflation (41%), highlighting how long-term financial planning is still something many households shy away from.
Perhaps unsurprisingly, there are significant generational differences when it comes to pension conversations. While almost half (47%) of people aged 55-65 have discussed pensions with family recently, these chats are rare among younger adults (18% of 18-24s; 29% of 35-44s).
Quiet Budgeting
Beyond pensions, wider money issues can also feel sensitive to discuss. Nearly a third of people (30%) say they feel uncomfortable talking about money with family members. The reluctance spans generations but is most acute among younger adults - 37% of 18–24-year-olds say they find money conversations difficult. Even among older age groups, hesitancy persists, with a quarter of 55–65-year-olds and just over a fifth (22%) of those aged 66+ admitting the same.
Mike Ambery, Retirement Savings Director at Standard Life says: “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. 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.”
Mike Ambery shares three pension conversations worth having with loved ones and why they are important:
1. How much to save for the retirement you want
“Conversations about your retirement goals and timelines can be an important one to have – especially with a partner. It’s a good idea to talk about whether you intend to retire at the same time, and what you’d like your lifestyle to look like. This can help you identify how much you might need to save and whether you’re on track for the future you’re hoping for. Pension UK’s Retirement Living Standards can help you understand how much different lifestyles in retirement might cost. You could then use our pension calculator to work out if you’re on track. If you’re just planning for yourself, you might still find it helpful to chat through your goals with a loved one. Just saying things out loud could make them clearer in your head and help give you a bit more confidence.”
2. Tracking down old pensions
“Since auto-enrolment was introduced in 2012, you’ll usually have a new pension each time you change jobs – meaning many people will end up with several pots. Around 3.3 million pension plans in the UK are considered ‘lost’, so it’s easy to lose track. Talking to loved ones about past jobs and old pensions can prompt you to track them down – and might remind others to do the same.”
3. Passing on your pension
“It doesn’t seem very Christmassy, but no matter your age, it’s helpful to discuss who you want your savings to go to when you die. Pensions don’t currently form part of your estate and are not normally included in your Will. Instead, you can nominate beneficiaries with your pension provider. However, it’s worth noting that from April 2027, the government plans to include unused pension savings when calculating the value of estates. This means unused pension savings could be subject to inheritance tax in future, so it’s important to be factoring this into any estate planning you may be doing. The full details of how this will work are still to be confirmed by the government.”
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