Retirement is changing – is the way we think about it keeping up?

Retirement is changing. People are living longer and have more choice in how they spend their time. But the way we think and talk about retirement hasn’t always kept up.

Rather than being a single moment or a fixed stage, retirement today can take many forms. Some people continue working in different ways, while others focus on family, give back to their community, explore new interests, study, travel or simply enjoy more flexibility. For many, it’s a mix of all these things, evolving over time.

M&G’s Reframing Retirement aims to challenge outdated perceptions and encourage a more realistic and positive view of later life – one that feels relevant, achievable and worth planning for.

We want to help people feel more confident about the future, whether retirement is just around the corner or still some way off. This includes:
 

Understanding real experiences

New research by M&G shows that family conversations about money are falling behind teenagers’ growing appetite to take control of their financial future.¹

• Just 29% of 16–18 year olds talk to their parents about money once a week or more
• Under half (46%) say it comes up once a month or less
• Yet 70% want a better understanding of how to manage their finances and feel more prepared for the future

The research also shows how family dynamics are shifting, with parents now expecting to support children until around age 26 on average – extending the point at which financial independence starts.²

“Money is no longer just an individual journey, it’s increasingly something families navigate together. Parents are supporting their children for longer, often without pausing to consider what that means for their own future.”
Matthew Ings, Chartered Financial Planner at M&G
 

Bringing retirement to life

M&G want to inspire more family conversations to help shape positive attitudes to money, independence and long-term planning.

We’ve launched a series of videos with families across generations talking about finances and the lessons they’ve learned along the way. From Trish, a 60-year-old weightlifting champion showing how small, consistent habits can shape the future, to Marc, a 75-year-old stunt pilot reflecting on a career that made later life rewarding, and Etta, a 68-year-old restaurant owner sharing a heartfelt family conversation about planning ahead.

Together, these stories highlight that retirement isn’t defined by a single moment, but shaped over time – often through conversations, choices and experiences that begin much earlier than we might expect.

Watch the videos to hear their stories and see how others are approaching retirement.
 

Encouraging meaningful change

M&G, in collaboration with the Social Market Foundation, is calling on the government to introduce a regular Pension Health Check, available at key life moments – such as starting a new job – to provide personalised support throughout life.

Combined with the new government-backed Pensions Dashboard, which will help people see all their pensions in one place, a Pension Health Check could give people a clearer picture of where they stand. It could also help them understand what their savings mean in practice and identify steps to improve their retirement outcomes, including accessing professional financial advice.
 

Providing clear information and support

Access to clear, practical information plays an important role in helping people feel more confident about their finances.

M&G continues to support this through improvements to its website and regular updates to our advice clients, including Connections and News in Review, covering topics such as pensions, tax and regulatory changes.
 

Supporting through financial advice

Financial advice can help bring clarity and structure to long-term planning.

By combining investment expertise with straightforward, practical guidance, M&G aims to help people take control of their finances and make more informed decisions about their future.

Reframing Retirement focuses on building understanding, confidence and trust over time. It aims to inspire individuals, government and industry to make meaningful, lasting change.

By combining research, real-life insights and practical guidance and advice, M&G is helping lead a more meaningful conversation about retirement – so people, of all ages, feel more engaged with their future and better prepared to plan for it.

Retirement today can offer more flexibility and opportunity than ever before. Taking time to think ahead – and perhaps seeing it from a different perspective – could help you make the most of what lies ahead.

It’s not just about your own plans, but how money and financial decisions are increasingly shared across families. With younger generations keen to understand more about managing money – and many parents supporting children for longer – open conversations can play an important role in building confidence and shaping positive financial habits early on.

Starting these discussions, even with teenagers, can help create a better understanding of money, independence and long-term planning – benefiting both current and future generations.

If you’d like to discuss your financial plans and the options available to you, speaking to a financial adviser can help you take the next step. They can also help facilitate conversations with your family, so that you’re all better prepared for the future ahead.

¹ Research conducted by Opinium among 1,000 16–18 year olds between 1–16 April 2026. The research is weighted to be representative of 16–18 year olds. Opinium Research is a member of the British Polling Council and abides by its rules.

² Research conducted by Opinium among 1,000 parents of 16–18 year olds between 1–15 April 2026.