Article
Changing the conversation and inspiring people to think differently about ‘later life’
3 min read 16 May 25
Over half (58%) of people think the way ‘retirement’ is written, talked about or portrayed is uninspiring, while (55%) say it doesn't reflect the life they want to lead – according to new research* commissioned by M&G.
What do you think about ‘retirement’? Perhaps you’re looking forward to finishing work, maybe you’ve started working part-time or you may be fully retired.
It may surprise you to hear that nearly half of UK adults who are not retired yet, associate retirement with traditional activities such as gardening and home improvements (47%) and reading (46%) and, as a result, nearly three-quarters (72%) believe retirement needs to be portrayed in a more accessible way.
Ageing populations, the cost-of-living crisis, high levels of debt and housing costs are all factors that are impacting people’s ability to save. There are also differences in generational attitudes to saving and savings advice, and varying degrees of appetite and understanding when it comes to investing for the future.
Outdated perceptions of retirement risk are creating a ‘too little, too late’ generation who continue to be held back from putting in place the financial plans they need. The research found that 46% of UK adults currently saving for retirement don’t feel they’re saving enough. And, worryingly, over a third (35%) of 45-54 year olds have not even started planning yet.
There is a need for a new kind of conversation around ‘later life’ and around how we talk about pensions and savings in the UK.
"The way later life is currently being portrayed is not realistic, aspirational or reflective of how people are now living. Our research shows the reality of later life is radically different today than it was in previous decades, and how people are enjoying their later years is currently misrepresented. If we don’t begin to positively reframe this chapter of life, the risk is that more people will continue to avoid planning for retirement and the ‘too little, too late’ generation will continue to grow. We need to break the cycle, have a cultural reset, change the conversation and inspire people to plan for the future."
Anusha Mittal, Managing Director of Individual Life and Pensions at M&G
The truth is, later life is about embracing a new chapter. You might choose to keep working, spend time with grandchildren, learn a hobby, exercise more, volunteer locally, or go traveling at home or abroad.
As part of the research, M&G have made a number of recommendations, the first one being: A comprehensive review of portrayals of retirement and considering what changes could nudge more people to engage with later life planning and increase contribution rates.
M&G are working in partnership with The Social Market Foundation (a Westminster think-tank) over the next few months to undertake a deeper investigation of how people view later life and what changes could be made to encourage more people to engage with later life planning at an earlier stage.
By providing a more aspirational, positive and realistic representation of retirement, M&G is seeking to inspire people to plan proactively, feel comfortable discussing their financial situation and have greater confidence in seeking advice.
* Agenda for Change: M&G (2025) Changing the conversation: Reframing the debate on later life (London: M&G) March 2025
