UK adults associate anxiety (26%), fear (18%) and guilt (15%) with spending retirement savings.
This is according to research from Aegon, which also found that a lower number associated positive emotions such as excitement (15%), security (17%) or relief (10%) with spending retirement savings.
In the latest episode of Aegon’s Money:Mindshift podcast, host Dr Tom Mathar, head of Money:Mindshift at Aegon, spoke to Dan Haylett, financial planner and host of the Humans vs Retirement YouTube channel and podcast.
The two explored why spending in retirement can be so difficult, and how advisers can help support their clients through this transition.
Haylett said: “Clients often have more than enough to live well, but they still hesitate to spend. They’ve spent 30 or 40 years building the habit of saving.
“Flipping that switch – especially when it means drawing down capital that won’t be replaced – is emotionally challenging.”
Haylett suggested that spending is a skill, one that’s rarely taught or encouraged.
He added: “We’re nudged to save, but we’re not prepared for the transition into spending. That’s why so many people reach later life with regrets about what they didn’t do.”
Haylett introduced the idea of a “memory fund”, which is a way to reframe retirement spending as an investment in joy, connection and legacy.
He also encouraged clients to consider sabbaticals and purposeful breaks earlier in life, not just after retirement.
Mathar added: “Advisers have a powerful opportunity here. By helping clients define what a good life looks like, and giving them the confidence to live it, financial advice becomes truly transformative.
“It’s a strange problem to have: to an economist, there’s no such thing as ‘saving’, only deferred spending. Yet many people, even those who’ve saved more than enough, struggle to spend.
“But when we understand the emotional complexity of modern life, it makes perfect sense. Never have we had to navigate such intricate trade-offs between our present selves and our future selves.”
In order to obtain these results, Aegon spoke to 2,000 UK adults between 08–12 August 2025.
On 15 August, Aegon marked the first anniversary of its client reporting tool, ‘Product reporting’, with a series of strategic enhancements designed to further bolster adviser capabilities and client engagement.
The upgrades, applied to the Aegon Retirement Choices (ARC) and One Retirement platforms.
The report found that while over three-quarters of advisers are seeking to grow their assets under advice, only a small number have a defined strategy.
It also highlighted that high-performing firms are increasingly using data to refine operations, empower teams and build scalable value.
