Just a third (33 per cent) of people have spoken to their family about pensions in the last year, research from Standard Life has revealed, as engagement with pension savings remains low.

The research showed that this was far lower than the proportion of people discussing household bills (48 per cent) or inflation (41 per cent), highlighting how long-term financial planning is still something many households shy away from.

Perhaps unsurprisingly, Standard Life found that there are significant generational differences when it comes to pension conversations, as while almost half (47 per cent) of people aged 55-65 have discussed pensions with family recently, these discussions were much rarer among younger adults (18 per cent of 18-24s; 29 per cent of 35-44s).

Standard Life retirement savings director, Mike Ambery, said: “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.”

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