As a guy who talks to people about money all day, most days I would say that this is quite accurate. Money is a very private issue for most people. That being said there are two types of people who really don't like to talk about money (for the most part): people who have too much money and want that confidentiality maintained, and people who know that they don't have enough and are embarassed.
As far as not having enough money to retire that statistic is actually too low. For the most part the projections and assumptions made by the major banks are useless when it comes to having enough money for retirement. I find that these figures provide people a false sense of security in thinking that they will have enough to retire. In other words, if people really were told how much they'll have to retire then they would really be scared about not having enough!
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