Introduction
The pension system in the United Kingdom (UK) has undergone significant reforms in recent decades to tackle the challenges of population ageing, the implication of which is extending working life and shifting greater responsibility to accumulate pension savings onto individuals (Foster and Heneghan, Reference Foster and Heneghan2018; Wainwright et al., Reference Wainwright, Crawford, Loretto, Phillipson, Robinson, Shepherd, Vickerstaff and Weyman2019; Foster, Reference Foster2023). One key reform in the pension system was the auto-enrolment introduction in 2012, which requires employers to enrol eligible employees into workplace pension schemes. While enrolment rates rose as a result (The Institute for Fiscal Studies, 2022), the policy also reinforced existing labour market inequalities by embedding them into pension outcomes. Because eligibility criteria are tied to income thresholds and stable employment, more women than men and the lowest earners are still excluded (Foster, Reference Foster2023). A flat-rate or single-tier State Pension was introduced in 2016 to simplify the pension system and provide a more predictable retirement income (Department for Work and Pensions, 2013). However, it increased the required National Insurance contributions from thirty to thirty-five years to qualify for the full pension (Gov.UK, n. d.). Additionally, the State Pension age has been gradually increasing, with the latest increase from sixty-six to sixty-seven expected between 2026 and 2028 (Department for Work and Pensions, 2023). These reforms placed more emphasis on self-sufficiency in financial planning for retirement, however, challenges in ensuring adequate pension accumulation for all remain. A key shortcoming of recent pension reforms is that they continue to exacerbate inequalities between different groups by assuming a continuous, full-time career, thereby failing to account for diverse and non-linear employment trajectories, among other areas where individuals’ experiences might be different (Kuitto et al., Reference Kuitto, Kuivalainen and Möhring2021; Glaser et al., Reference Glaser2024).
The employment type and continuity are not the only factors that influence pension receipt and financial preparedness for later life. Research studies have identified an array of factors beyond employment that influence pension entitlement and receipt. There are gendered differences in the pension system, and even with auto-enrolment in place, significant differences between men and women persist since the system is based on income and women tend to earn less than men (Ginn and MacIntyre, Reference Ginn and MacIntyre2013; Airey and Jandrić, Reference Airey, Jandrić, Ní Léime, Ogg, Rašticová, Street, Krekula, Bédiová and Madero-Cabib2020; Foster et al., Reference Foster, Wijeratne and Mulligan2021). Financial literacy and knowledge, access to advice, and confidence in decision-making can also influence individuals’ financial behaviour and thus their financial preparedness for later life (Meyer and Bridgen, Reference Meyer and Bridgen2008; Gough and Hick, Reference Gough and Hick2009; Foster and Heneghan, Reference Foster and Heneghan2018; Suh, Reference Suh2022). Some people, particularly women, those with lower levels of education, and older cohorts of individuals, possess less financial knowledge on average (such as understanding of interest, inflation, and risk diversification), which can negatively influence retirement planning (Lusardi and Mitchell, Reference Lusardi and Mitchell2011). Furthermore, cultural norms and social expectations can shape attitudes towards finances. For example, some ethnic minority groups might rely on intergenerational financial support over individual retirement savings, which can affect long-term savings (Gough and Adami, Reference Gough and Adami2013).
Economic uncertainty is another factor that influences saving for later life. Individuals often prioritise immediate financial needs and stability over long-term savings (James et al., Reference James, Price and Buffel2020). Structural factors like the financial crisis amplify pension insecurity by increasing unemployment, slowing economic growth, and reducing the stability of retirement incomes (Foster and Heneghan, Reference Foster and Heneghan2018). Moreover, recessions disproportionately impact women’s pensions due to systemic factors, which means that they face heightened financial insecurity amidst rising living costs (Ginn and MacIntyre, Reference Ginn and MacIntyre2013).
Given that numerous factors influence pension receipt, yet the UK pension system primarily links entitlement to employment history and type, certain groups are inevitably more disadvantaged than others, particularly ethnic minorities and low-income workers (Adami, Reference Adami2022). Individuals with fragmented or interrupted work histories, in precarious jobs, or those with caring responsibilities, often struggle to accumulate adequate retirement savings (Foster, Reference Foster2018). Women consistently accumulate lower pension wealth over the lifecourse due to the gendered organisation of paid and unpaid work, including caregiving-related employment interruptions, part-time work, and fragmented career trajectories (Evandrou and Glaser, Reference Evandrou and Glaser2003; Price, Reference Price2007; Vlachantoni, Reference Vlachantoni and Sargeant2011). Ethnic minority groups are also disproportionately affected since they are more likely to be unemployed, have lower income, and thus less retirement savings (Gough and Adami, Reference Gough and Adami2013).
To understand the complex interplay of structural, economic, and individual factors, this study adopts a lifecourse and capabilities approach. The lifecourse approach recognises that an individual’s financial wellbeing in retirement is shaped by their accumulated experiences throughout their life, including long-term work trajectory (Brydsten et al., Reference Brydsten2025). This approach highlights the long-term consequences of early-life experiences and how structural inequalities persist over time and can influence pension outcomes. For instance, individuals with precarious work histories and family life are often unable to make private pension savings that would accumulate adequate income in old age (Kuitto et al., Reference Kuitto, Kuivalainen and Möhring2021). Saving behaviour must be understood as a product of both individual agency and broader lifecourse contexts, meaning that people’s current socio-economic circumstances (income, housing, family responsibilities) significantly shape their ability and motivation to save for the future (Suh, Reference Suh2022). This article therefore adopts a lifecourse perspective that recognises how individuals’ experiences of ageing and financial preparedness are shaped by cumulative social, economic, and institutional factors across their lives, rather than by isolated events or late-life circumstances alone (Komp and Johansson, Reference Komp and Johansson2016). The capabilities approach (Sen, Reference Sen1999), on the other hand, focuses on enhancing individuals’ abilities to achieve the lives they value and recognises that people have different needs and opportunities. In other words, ‘the capabilities that a person does naturally have (and not merely theoretically enjoys) depends on the nature of social arrangements’ (Sen, Reference Sen1999: 288). This approach therefore underscores the significance of providing individuals with genuine opportunities to achieve various valued functions (Gopinath, Reference Gopinath2018). In the context of financial preparedness for retirement, policies should support individuals’ ability to plan effectively, account for diverse lifecourses and socioeconomic contexts, and empower informed decision-making about savings.
The purpose of this study was to use a participatory method to explore the diverse factors that influence pension planning among a diverse group of mid-life and older adults from a lifecourse and capabilities perspective. Given the aim to explore diverse factors, the participatory photovoice method was especially well-suited as it enables participants to express complex and often under-discussed issues through both visual and verbal means and allows for the emergence of diverse and potentially overlooked influences. By using the two approaches to study personal narratives and visual representations, this study aims to provide a holistic understanding of the factors influencing pension planning and contribute to a policy discussion on how pension systems can become more inclusive and better suited to individuals with diverse work and life experiences.
Methods
The study utilised the photovoice method with sixteen mid-life and older adults in the Hampshire region in England. Photovoice is a participatory research method that empowers individuals to capture and share their experiences and perspectives through photography, fostering community engagement, and advocacy (Wang and Burris, Reference Wang and Burris1997). The goals of photovoice are to enable individuals to document and reflect on community strengths and challenges, foster critical dialogue, and influence policymakers by presenting their own perspectives and experiences (Wang and Burris, Reference Wang and Burris1997). This process can facilitate a more nuanced understanding of individual and community realities (Liebenberg, Reference Liebenberg2018). It is particularly valuable for exploring complex social issues such as social justice concerns by amplifying the voices of hard-to-reach communities (Catalani and Minkler, Reference Catalani and Minkler2010). The visual nature of photovoice can encourage participants to reflect on and express aspects of financial planning that may not emerge through verbal methods alone, offering access to personal meanings and symbolic associations grounded in everyday experience. Ethical approval for the research was obtained from the University of Southampton.
Participants
Participants were recruited through a combination of project partners, community leaders, and social media outreach. This multi-channel approach helped reach participants with a wide range of experiences and perspectives on financial preparedness for later life. The study focused on mid-life and older participants because they are either actively planning for retirement or reflecting on their past financial decisions.
Eight men and eight women from Hampshire, UK, participated in the study (Table 1). Participants’ ages ranged between 45 and 76 years, with an average age of 52.9 years. The sample consisted predominantly of White British participants, with a smaller representation from British Indian, Chinese, Bangladeshi, and Other White ethnic backgrounds. Participants had varied educational backgrounds, ranging from secondary school to postgraduate degrees, with the majority having attended college or university. In terms of employment status, there was a mix of full-time and part-time workers, retirees, and those currently not working.
Participants’ profiles
Table 1. Long description
The table presents the profiles of 16 participants, detailing their gender, age, ethnicity, religion, marital status, education, employment status, and pension status. The table has 16 rows and 9 columns. The columns are labeled as Participant, Gender, Age, Ethnicity, Religion, Marital status, Education, Employment status, and Receiving pension. Each row provides specific details for each participant. For example, Participant 1 is a 50-year-old male of British Indian ethnicity, Hindu religion, married, with college or university education, employed full-time, and not receiving a pension. Participant 2 is a 60-year-old male of White British ethnicity, with no religion, married, with college or university education, early retired, and not receiving a pension. This pattern continues for all 16 participants, providing a comprehensive overview of their backgrounds and current statuses.
Data collection
After expressing interest in participating in the study via email or phone, potential participants were invited to an online or in-person information and photography session, either individually or in groups. During this session, a researcher explained the aims of the study and the photography activity. A professional photographer or researcher also provided basic photography tips to support participants in capturing meaningful images. Participants provided written consent and chose between researcher-provided cameras or their own smartphones; all but two opted for smartphones, citing convenience and familiarity as key reasons. They received an instruction sheet outlining the activity and were guided loosely by three key topics: Money Matters; Covid, Cost and Changes; and Contemplating Later Life. They were asked to submit their photographs along with captions via email or an instant messaging platform of their choice. Once participants completed the photography activity, they took part in a one-hour interview with a researcher to discuss their photographs in greater detail. Each participant received a shopping voucher as a small token of appreciation for their participation. The research team also organised two public photo exhibitions to disseminate the findings and showcase participants’ photographs and the themes that emerged from the research.
Data analysis
The collected data were analysed using thematic analysis with NVivo 14 software (Lumivero, 2023), i.e. identifying core meanings within participants’ experiences, interpreting themes as broader narratives rather than simple topic summaries (Braun and Clarke, 2023). In total, we received 260 photographs from sixteen participants. One couple submitted their photographs jointly, and one participant who was visually impaired did not take photographs but participated in the interview. Participants shared an average of around seventeen photographs each, with individual contributions ranging from just a few to over twenty images. Photographs were treated as integral data and served as both prompts and anchors during the interviews. Images were analysed in tandem with the narratives they elicited, focusing on what was shown and what meaning participants ascribed to it. Themes were developed from the interplay of visual and verbal data, allowing the analysis to capture both explicit content and underlying values or concerns expressed through image-making. The coding process combined deductive and inductive approaches. A deductive framework was initially applied, guided by existing literature on financial planning and pension inequalities, allowing for the identification of predefined themes. Simultaneously, an inductive approach was used to ensure that themes emerged organically from photographs and interviews. Analysis began with detailed initial coding, followed by grouping codes into broader categories capturing shared meanings across the dataset. Final themes were developed iteratively through team discussions, ensuring consistency and analytical rigour. The resulting themes were shaped by both what participants chose to photograph and how they spoke about these images. This integrated approach ensured that both the ‘photo’ and the ‘voice’ elements of photovoice were meaningfully incorporated into the analysis.
Findings
Participants took photographs and discussed in interviews what financial planning for later life meant for them. Under Money Matters, images often captured the essentials of everyday life such as food, budget planners, medication, pet food, and household items. These visual narratives highlighted how participants managed daily living in as simple and economical a way as possible. The Covid, Cost and Changes theme prompted photographs of bank statements, utility bills, modes of transport, and rare treats such as meals out, illustrating the rising costs associated with post-pandemic life. Finally, in Contemplating Later Life, participants shared more symbolic or reflective imagery such as nature scenes, leisure activities, and photos of family and friends, alongside powerful visual metaphors such as a dark tunnel, for instance. These images conveyed hopes, fears, and uncertainties about ageing and the future, offering intimate insights into how individuals navigated financial planning within the broader context of life transitions and emotional meaning. Thematic analysis of both the photos and interviews generated four main themes and ten subthemes on the factors influencing financial planning for later life (Figure 1), which are discussed in turn below.
Themes identified through the photovoice method that illustrate factors influencing financial planning for later life.
Financial mindsets and behaviours
A prominent theme that emerged from the photos and interviews was participants’ attitudes towards money shaped by familial circumstances that influenced their financial behaviours and decisions in their adulthood. These attitudes were often shaped by early life experiences and economic realities, like growing up with limited financial resources. Some participants were therefore strongly inclined towards being careful with money. For P14, growing up in poverty meant that she had become ‘very careful with [her] money’. Similarly, P12 came ‘from a background where money was very scarce’, which instilled in him a deep appreciation for the value of money and careful spending. Another participant (P16) shared,
This is an existential question really about, you know, about what money is and what it’s for. And I think I’m a bit of a hoarder with money and I think that comes from some insecurity in my childhood. And I think it’s a combination of two – it’s an insecurity in my childhood which I think has probably led to the anxiety, and then the anxiety feeds into that, “I’ve got to keep this money in case something dreadful happens.”
Experiencing economic hardship does not always provide an opportunity to escape it, as not everyone who grows up in poverty develops the financial habits or has access to resources needed for financial stability in adulthood. One participant (P13) experienced financial difficulties and financial abuse throughout her life and found it difficult to break free from this cycle. Despite working part-time since she was fourteen years old, years of lacking financial autonomy left her with few resources to initiate change. This, combined with an undiagnosed autism spectrum condition, made it difficult for her to build financial independence and stability for herself and her children. As she shared,
I think it’s how we’re conditioned from birth. […] If you’ve lived in poverty your whole life, you don’t know any better. And it’s the same with like abusive relationships; it’s almost like that’s what you think is normal because that’s the only thing you understand is normal is what you’ve seen your whole life. And it’s hard, it’s hard to break free, I think, from those cycles.
Some participants described how a lack of financial education or exposure to saving practices, or on the other hand, exposure to informal financial education during childhood (Figure 2, left), affected their attitudes to money. As P8 explained, her understanding of money was shaped by a family culture of not discussing financial matters with children. As a result, she grew up unaware of her family’s financial struggles and lacked early exposure to saving habits, which caused her to not know ‘about putting savings away because [her parents] never had savings, that’s the point’. She also noted that her children learnt the value of saving by witnessing their parents’ struggles with unemployment and disability, which became an informal lesson about planning for the future. Participants’ attitudes to money were often formed by what they observed within their families. Those who experienced economic hardship in childhood often adopted a more cautious approach to spending and saving in adulthood (Figure 2, right), although not everyone had such opportunities.
(Left) ‘I’ve kept these old Prudential premium receipt books. As a kid I remember Mr Green coming every Friday evening to collect the insurance premiums. My mother and grandmother were quite careful with money and passed that on to me’ (P16). (Right) ‘Resilience: Here is a dictionary definition of resilience. My definition is that you have had to suffer. That you must step back from that suffers and view it with new eyes. Then leap forward in a new direction taking on board what you have learned from stepping back’ (P10).
Access to financial knowledge and guidance
Participants accessed financial knowledge through various sources, with workplace resources such as free advisers and webinars often providing valuable clarity on both workplace and other pension schemes. For instance,
They got in some people to talk about pensions. In particular, it was talking about the NHS pension, but their advisers were an external company who advise on NHS pensions but they also have got all that financial knowledge about other pensions and that’s where they told me I should have applied for my civil service pension because they actually knew about that as well and what it meant depending on when you joined because it changed. (P8)
Family and friends were also a common source of advice and recommendations. However, access to such informal support depended on one’s social capital, meaning that those without financially knowledgeable networks might have fewer opportunities to gain reliable information.
I would probably turn like to family and friends [for advice]. And I have – there’s a mortgage advisor that kind of gives us some quite good financial advice that we met through family and friends. (P14)
Well I went through hell to join in that [workplace pension], you know. And it’s, I’ve got a, we’ve got a family member who is a financial. […] I still talk to him every now and then, you know. And he just guides us on what to do. And this is what he said, and he said, at the end of the retirement, you’ll be a little bit more comfortable than not having put this aside. (P12)
For those with limited access to advice through workplace or friends, charities like the Citizens Advice Bureau or their local Advice & Representation Centre played a vital role in offering free support. For some groups, though, language barriers and a lack of digital skills hindered their ability to access information. As one participant (P6) explained,
It’s multiple reasons [why accessing information might prove difficult]. One is the cultural reasons. So we were taught to be self-sufficient, to not rely on other people. Secondly, language barrier. If they want to apply, they need to understand English. Even if they know English, they do not know where to apply now that everything is online. You need to go online, on a computer. First, you need to have a computer, you need Wi-Fi. So some of the elderly people, they do not have a computer.
Participants emphasised the need for early financial education, especially in schools. They believed that formal education should include lessons on pensions and long-term financial planning to equip individuals with essential knowledge from a young age. For instance,
I was just thinking the youth should be educated more about saving and planning. I think they think that retirement is too far away and they want to enjoy their life. I see my son, and I see the difference between how we used to think and how he thinks. (P3)
Being aware of perhaps what a pension is at an earlier age. So maybe even being taught it more in schools as part of their evolution thing that money is really important and you need to start saving for your future, be it for a house, be it for a car, be it for your future […]. You need to save for further down the line. Even maybe it made obvious how much pensions are. They talk about pensions, but they don’t actually tell you what the government pension is. (P8)
Prioritising immediate needs in the cost of living crisis
A recurring theme in the photos and interviews was participants’ focus on immediate financial demands such as bills, mortgages, and family support, leaving little room for savings, especially amidst the current cost of living crisis. As one participant (P10) shared, covering essentials such as utility bills, food, and transportation took priority, while her travel expenses had to be drawn from savings. Another participant (P12) explained that only once his mortgage was fully repaid, he would be able to set aside money for the future. Another participant (P6), who emigrated to the UK, shared,
Because I’m not from a rich family, when I come here, everything had to start from scratch. So I have to save money for my first mortgage and other things. My house still belongs to the bank, so I need to pay every month. So still saving money to pay the mortgage and also saving in case of any emergency.
Additionally, the same participant provided regular financial support to his parents back in his home country, which further diminished his ability to save or invest.
I’m not investing, but I do give money to my parents. So if I get more, I give them more so that they can improve their house or other things.
Participants highlighted how rising living costs reduced their disposable income, leaving little capacity to save for the future or contribute to pensions. One participant (P8) took a picture of an insurance policy renewal offer (Figure 3, left) and discussed how the rising cost of everything, including insurance, prevented her family from saving for the future. The rising costs created a sense of financial instability for her, making long-term financial planning feel unattainable, which she symbolised with a photograph of her savings account passbook (Figure 3, right). Similarly, other participants admitted that saving often took a backseat to more immediate needs, especially for those who were unemployed or working in low-paying jobs.
I keep trying to [save]. So obviously I do save here and there, and I try not to – so we don’t like to splash out on expensive holidays and expensive clothes and things like that. So I try to buy in the sale, and I try to, you know, try and keep within my means and things. But with having a mortgage as well it’s tough at the moment. So at the moment I’m not in paid employment, I’m just on universal credit, so trying to pay my mortgage and bills and pay for the additional expenses can be quite a struggle. (P13)
For those who could still save, it often meant sacrificing other priorities. As one participant (P4) explained, his family had been saving less since the start of the pandemic, and this often meant foregoing essential needs in order to save. For instance, the only way for this participant to save something at the end of each month was by not heating their house.
See it’s cold here so much and still we have not put the heating on. […] So not thinking that in a way of like being what we call as like money minded or something but that’s the only way we can, money saved is money earned it’s like that. That’s the only way.
(Left) ‘Higher costs of everything. I took this photograph as it represents how the cost of living crisis is affecting every part of our lives from insurance for home, car and cats to food, along with utilities and even days out, meaning our monthly wages no longer last a month, we cannot afford to spend money on any of the things we took for granted like brand name food but have had to change every part of our spending and can no longer afford to save for our future as we are literally living hand to mouth’ (P8). (Right) ‘Savings. This photograph represents for me the fact that since the cost of living crisis, we no longer can save anything, and have used all our savings, I no longer have a credit card and have to pay off what we have had to borrow simply to pay for things like an oven and a washer when ours would cost too much to repair, it saddens me that we cannot buy new things or save for our future be it when we retire or even later this year’ (P8).
Imagining retirement and preparing financially
Participants’ perceptions of retirement and their financial plans for it varied and were shaped by both personal experiences and broader socio-economic factors. Some expressed a proactive and optimistic outlook towards retirement, viewing it as an opportunity for rest, leisure, or spending more time with their loved ones (Figure 4, left). Others worried about their health and mobility, which made it difficult for them to imagine retirement and plan financially. ‘Well, my first aim is to make it to 65. I’m 60 now. So if I make it to 65, that will be a positive thing. So I’m not really focused on pensions and stuff like that’ (P11).
(Left) ‘In later life, I’d like to spend more of my time with my family and friends. I’ve always held my family close to my heart, and find that it makes me feel happy and fulfilled. I think it makes up a big part of who I am’ (P12). (Right) ‘Time to retire but who will pay the bills 
’ (P1).
For some participants, retirement was seen as a distant or abstract concept, especially because of the financial uncertainty. This abstraction was evident in their visual narratives where they photographed significant midlife moments or everyday money objects (Figure 4, right; Figure 5, left). One participant added, ‘That’s, so that’s the main thing that I can’t imagine. […] I can’t imagine what the future will be because things are getting out of control slowly and energy prices, for example, just an example if you take energy prices, they are not coming down at all. They’re just going higher and higher’ (P4).
(Left) ‘The rising cost of living, and surviving on a pension makes me wonder whether activity will be curtailed. Will I still be able to afford to do the things I enjoy doing?’ (P9). (Right) ‘The photo of the dark tunnel conveys some worries about not having sufficient savings for retirement. My husband is self-employed without a retirement plan. The absence of light at the end of the tunnel symbolises my uncertainty in our financial preparedness for retirement’ (P14).
Another participant (P7) struggled to envision retirement knowing that his late migration to the country meant he would not receive a full state pension. He feared that this could limit his ability to stay active in his later years and afford quality care when needed. Similarly, a participant (P13), who has been facing financial hardship her whole life, expressed anxiety about being able to retire comfortably. Another participant (P4) felt that it was all up to them and he could not rely on the government pension because the amount was not sufficient and the retirement age kept changing.
Some participants began planning early through workplace pensions, while those with fragmented work histories often struggled to build sufficient savings. As P10 shared, working on temporary contracts meant that she often did not fit into a pension scheme. Similarly, a participant (P13) who worked intermittently and part-time most of her life expressed worry about how much pension she would accumulate by the time she retires. She also felt that retirement rules were constantly changing, creating uncertainty about when she could retire.
Fear, worries, and a sense of no control were frequent topics when it came to thinking about financial planning for the future, with one participant using a photograph of a dark tunnel to symbolise uncertainty (Figure 5, right). For one participant (P12), thinking about the financial aspect of the retirement years was uncomfortable since he did not know what to expect and where to turn to for support. For P4, saving for a pension was a concern since he felt that it was solely his responsibility and, due to his disability, could not easily switch jobs or earn more. Another participant (P14) who carefully planned for her retirement income still found it daunting to assess her pension savings and financial future,
So I probably need to spend a bit more time looking at my pension and what does it look like. […] I feel like I’ve ignored it a bit. […] They actually have seminars but I’ve missed two because I was away. But there’s another one you can kind of contact them and you’ve got an app that you can look at and things. So I just need to sit down and not be scared of it. I think because I’m worried that it’s not going to be very much and I don’t want to hear, I don’t necessarily want that reality of like, oh actually that’s not, you know, yes.
Discussion
This study offered key insights into factors shaping financial preparedness for later life, highlighting both structural and individual challenges. Using capability and lifecourse approaches, we moved beyond access to resources to examine how opportunities for financial security are shaped by employment histories, family responsibilities, and early life experiences, among others.
Informal financial education seemed to have played a role in determining participants’ propensity to save and plan financially in adulthood. Participants’ attitudes to money and saving practices seemed to have often been shaped, at least to some degree, by their upbringing and early experiences. For many, family values, practices, or circumstances seemed to play an essential role in shaping financial behaviours in adulthood. Chen et al. (Reference Chen, Lu and Wang2022) showed that informal financial education can improve the financial capability of individuals, which encompasses financial knowledge, skills, and attitudes, including the ability to access and use financial products and services. This suggests that early interventions and financial education across the lifecourse at key decision-making moments could help empower individuals across diverse groups. A study in England showed that financial education, delivered through advice and training, can be effective in driving behavioural change (Oehler and Werner, Reference Oehler and Werner2008). Suh (Reference Suh2022) suggests that while possessing financial knowledge might not directly lead to increased retirement savings, it can increase individuals’ confidence about how well they are saving for retirement. To ensure that everyone has an opportunity to develop financial literacy, mandatory financial education programmes in schools could be introduced or expanded. Studies have shown that early financial education in schools plays a crucial role in enhancing financial literacy, which in turn drives better retirement planning (van Rooij et al., Reference van Rooij, Lusardi and Alessie2011). However, some studies suggest that early financial education might not lead directly to saving for retirement, as this might be too distant for young people, but focusing on immediately relevant skills like budgeting, credit, and management can offer a more effective foundation for financial literacy (Harvey and Urban, Reference Harvey and Urban2023).
The findings also highlighted the importance of access to financial advice and information regarding pensions. Participants who had access to information at work, free advisory services, or guidance from family and friends were more likely to engage in proactive retirement planning. This aligns with existing research suggesting that financial literacy influences decision-making and can lead to greater financial security (Lusardi and Mitchell, Reference Lusardi and Mitchell2014) and protect against the loss of financial resilience (Bialowolski et al., Reference Bialowolski, Cwynar and Weziak-Bialowolska2022). While acknowledging that education alone might not always lead to a change in behaviour for everyone, studies have shown that targeted financial education on retirement planning can be most effective when delivered at key life stages, when individuals are making important financial decisions (Oehler and Werner, Reference Oehler and Werner2008). Specifically, employment-based financial education was shown to correlate with saving for retirement (Bernheim and Garrett, Reference Bernheim and Garrett2003). Therefore, tailored advice to individuals at key moments throughout their lifecourse could be essential to support financial decision-making and improve overall retirement preparedness. These findings underscore the need for policies that expand financial advisory services and ensure that accessible and free financial education is available to all, particularly to vulnerable groups (Oehler and Werner, Reference Oehler and Werner2008).
Fear, uncertainty, and negative perceptions of retirement, particularly regarding health, can act as constraints to financial planning for later life. Studies have shown that poor health can hinder individuals’ ability to remain in the workforce and accumulate sufficient savings for retirement, further exacerbating financial insecurity in later life (Airey and Jandrić, Reference Airey, Jandrić, Ní Léime, Ogg, Rašticová, Street, Krekula, Bédiová and Madero-Cabib2020). Psychological factors such as the future time perspective play an important role in shaping saving behaviours and the retirement planning process (Hershey et al., Reference Hershey2007). Moreover, financial uncertainty, compounded by changing pension policies and economic instability, can undermine confidence in one’s future retirement security (Yen, Reference Yen2018). Policies aimed at improving financial planning and saving behaviours should account for psychological barriers influencing decision-making, rather than focusing merely on economic ones.
Prioritising immediate financial needs, particularly in the context of the current cost of living crisis, tended to present a significant structural barrier to financial preparedness for later life. Some participants, especially those on lower incomes, reported that they were forced to allocate most of their resources towards essential expenses such as housing, utilities, and food, leaving little room for long-term savings. Reluctance or inability to save for one’s pension due to more pressing priorities, or myopia, has been documented as a factor that influences retirement planning (Gough and Hick, Reference Gough and Hick2009). Previous research has also emphasised the role structural factors such as the financial crisis have on increasing pension insecurities (Foster and Heneghan, Reference Foster and Heneghan2018). The cost of living crisis is a new structural factor that could exacerbate myopia, with inflation and wage stagnation further limiting disposable income that could otherwise be directed towards pension planning (Brewer et al., Reference Brewer, Fry and Try2023). Prioritising short-term financial security over long-term financial planning might reinforce a cycle of economic vulnerability in later life, especially for the most vulnerable individuals.
Finally, migration, language barriers, digital exclusion, and cultural factors are interconnected challenges that can shape individuals’ ability to engage in financial planning for later life. These factors, especially language, can act as barriers for ethnic minority groups (Angrisani et al., Reference Angrisani, Barrera, Blanco and Contreras2021). Research has shown that digital tools can increase retirement contributions and savings behaviour by simplifying the process and reducing barriers (Daminato et al., Reference Daminato, Filippini and Haufler2024). Reducing digital exclusion is crucial to prevent certain groups from being further disadvantaged in retirement savings. Another factor that affects ethnic minority communities is migration, which was shown to reduce the likelihood of receiving a pension (Vlachantoni et al., Reference Vlachantoni2017). Culture, meanwhile, can play a dual role, as we have seen in the case of our participant with a Chinese ethnic background. Studies have shown that saving behaviour among individuals from migrant groups is strongly influenced by the saving culture of their country of origin (Costa-Font et al., Reference Costa-Font, Giuliano and Ozcan2018), which in this case meant strong saving practices and self-reliance. Cultural influences underscore the importance of considering traditional values and societal expectations when examining retirement saving behaviours within some communities (Blanco et al., Reference Blanco, Aguila, Gongora and Duru2017; Willows and October, Reference Willows and October2023). These factors collectively highlight the need for inclusive financial policies that address linguistic, technological, and cultural factors to ensure equitable retirement planning.
The findings presented in this study are not isolated themes but intricately interconnected. Participants’ attitudes towards saving and money were often rooted in early life experiences and shaped their engagement with financial advice later in life. At the same time, limited access to financial guidance frequently constrained individuals’ ability to act on their intentions, even when financial literacy was present. The rising cost of living further complicated participants’ capacity to plan for retirement, reinforcing short-term priorities over long-term goals. Finally, how participants envisioned retirement was shaped not only by their current financial situation but also by deep-seated uncertainties stemming from work histories, migration trajectories, and health concerns. Taken together, these findings highlight the cumulative and compounding nature of financial disadvantage over the lifecourse and suggest that efforts to promote financial preparedness must consider the layered and intersecting realities that individuals face.
A key limitation of this study is the relatively small and not diverse enough sample, as most of our participants were White British, which may not fully capture the diversity of experiences in financial planning for later life. Additionally, most participants came from relatively privileged backgrounds, which limited insights into the challenges faced by those in more precarious financial situations or working arrangements. Even though participants may have had educational or linguistic advantages, some of them still experienced early financial insecurity, migration-related barriers, or health challenges that shaped their engagement with pensions in complex ways. As such, while the sample may not fully reflect the most marginalised populations, the findings still capture meaningful insights into how early life experiences can influence financial preparedness across different life trajectories. While this study did not explicitly focus on generational comparison, participants’ narratives suggest that age and life stage shape expectations and attitudes towards retirement, pointing to the need for future research to explore how generational experiences influence financial behaviours. Furthermore, as the research relied on self-reported data, responses may have been influenced by personal perceptions, rather than objective financial realities (Alwin et al., Reference Alwin, Zeiser and Gensimore2014). While this subjectivity is a strength in capturing personal meaning and interpretation, we acknowledge this not as a flaw in the method, but as an important boundary in interpreting findings. Finally, given that financial security in later life is a sensitive and deeply personal topic, some participants may have been reluctant to disclose full or accurate details about their circumstances, leading to potential gaps in the data (Belen-Saglam et al., Reference Belen-Saglam, Nurse and Hodges2022).
Conclusion
This study advances understanding of pension planning by using a participatory approach to explore the diverse factors shaping financial preparedness for later life among mid-life and older adults. Photovoice added analytical value by externalising abstract, temporally distant concerns. Its effectiveness varied as some participants found visual expression more intuitive than others and certain experiences remained hard to capture. Rather than viewing preparedness solely through income or savings, the findings show how lifecourse experiences, employment histories, family responsibilities, and capabilities intersect with structural and institutional factors to influence engagement with pensions and saving behaviour. Adopting a lifecourse approach, this study illustrated how factors such as unstable work patterns, late migration, and financial hardship in early life can have long-term consequences for pension accumulation. Applying the capability approach underscored the need for policies that go beyond promoting saving to ensure that individuals have the knowledge, support, and institutional conditions necessary to exercise real financial choice. By integrating both approaches, it became clear that a one-size-fits-all approach to pensions does not work for all and that effective pension policies must account for structural inequalities and the diverse pathways through which individuals navigate their lives and financial planning.
Acknowledgements
This research was funded by the Economic and Social Research Council (Grant number ES/W012529/1). We would like to thank the participants for their time and valuable insights, as well as the community leaders and partner organisations who supported recruitment and participant engagement. Their contributions were essential in facilitating this study.
Author contributions
SM: Conceptualisation; Methodology; Investigation; Data curation; Validation; Formal analysis; Writing - Original draft, Writing - Review & editing. YY: Conceptualisation; Methodology; Validation; Writing - Review & editing. SNA: Validation; Writing - Review & editing. AV: Conceptualisation; Validation; Writing - Review & editing; Supervision; Project administration; Funding acquisition.
Competing interests
The authors declare none.
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