Retirement advice often succeeds technically but client confidence does not always follow automatically

For people approaching or living in retirement, confidence plays a critical role in whether advice is trusted, acted upon and sustained over time. Without it, even well-constructed plans can feel fragile, decisions feel risky, and engagement can fall away just when it matters most.

The Mind Over Money research set out to explore how retirement communication can do more than explain solutions and instead actively support confidence at a stage of life where emotional and behavioural factors become increasingly influential.

To support Oxford Risk’s series of UK-wide Mind Over Money retirement workshops, NextWealth conducted research with advised clients to better understand how they actually think and feel about retirement, and how communication can either undermine or strengthen confidence at this critical life stage.

Starting with people, not products

The programme began with in-depth consumer research, exploring how retirees and near-retirees interpret retirement messaging, what reassures them, and what causes confusion or mistrust. From this, four distinct behavioural client examples emerged, each with different emotional drivers, confidence levels and communication needs.

Rather than treating retirees as a single audience, the research highlighted the importance of recognising these differences, particularly around attitudes to risk, income security, growth and flexibility.

This consumer insight then formed the foundation for the workshop series, where advisers and investment providers worked together to design retirement messaging aligned to each client mindset.

A closed-loop approach to testing what works

What made Mind Over Money distinctive was its closed-loop structure. Messages developed by advisers and providers during the workshops were taken back to consumers and tested directly with them.

This allowed the research to move beyond theory and into validation. Consumers were able to say clearly which messages increased confidence and clarity, which felt confusing, sales-led or patronising, and how tone, structure and sequencing affected trust.

The result was a practical understanding of how communication can ‘shift the dial’ not by simplifying advice, but by making it emotionally intelligent, clearly sequenced and respectful of clients’ capability.

What shifted for consumers

Across all four behavioural examples, the outcome was consistent. When communication started with emotional priorities such as security and control  and only then introduced investment-focused objectives like growth and flexibility, consumers reported feeling more confident and more willing to stay engaged with long-term planning.

Cautious clients felt emotionally ready to remain invested. Growth-focused clients gained clarity about when different trade-offs mattered. Newly retired clients felt supported rather than left to self-manage. More financially sophisticated clients regained trust when recommendations were backed by visible evidence rather than reassurance alone.

In short, communication that reflected how people actually experience retirement led to better understanding, stronger trust and greater confidence.

Why this matters for the industry

Looking back, Mind Over Money demonstrated that effective retirement communication cannot rely on generic reassurance or product-led narratives. It requires collaboration across the value chain — combining consumer insight, adviser expertise and provider capability — to create conversations that feel relevant, credible and confidence-building.

As we explore further in our upcoming retirement research with BNY, confidence underpins what we describe as a better retirement experience influencing behaviour, engagement and positive outcomes long after advice is given.

The lesson from Mind Over Money is clear: better outcomes in retirement start with better conversations. And those conversations must begin with people, not products.

If you’d like to learn more about the Mind Over Money research, or NextWealth’s wider work exploring consumer perspectives on value, fees and the future of retirement advice, please get in touch via enquiries@nextwealth.co.uk.

Philip Leigh
Senior Qualitative Researcher, NextWealth