No Result
View All Result
Benefits Expert
  • About
  • Advertise
  • Alerts
  • Events
  • Contact
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
  • PODCAST
No Result
View All Result
Benefits Expert
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
  • PODCAST

Ethnic minorities save less for pensions, study shows

by Benefits Expert
27/07/2023
retirement, ethnic minorities, retirement support
Share on LinkedInShare on Twitter

Phoenix Group is urging employers and industry leaders to reconsider communication and engagement strategies with ethnic minority groups to bridge the retirement funding gap in communities.

New analysis by Phoenix Insights reveals ethnic minorities have lower pension participation and rely on non-pension sources for retirement funding. Ethnic minority groups expect a retirement income around 16% higher than the average £25,000 expected by white British people.

While ethnic minorities have higher expectations for a “comfortable” retirement at 36-38%, compared to 25% among white British people, weekly retirement income for Asian and black families is only £391 and £412, respectively, significantly lower than the population average of £556.

Individuals from ethnic minority groups aiming to retire earlier by up to two years may face limitations on the size of their savings pot for retirement, according to the research.

Phoenix Insights’ research shows that people from Pakistani, Bangladeshi, and Indian ethnic backgrounds are more likely to rely on support networks and draw on property wealth in retirement.

While non-pension sources can contribute to overall retirement income, pension savings are the main contributor to a good standard of living in retirement, highlighting the need for the pensions industry to understand and respond to the different attitudes and expectations of different ethnic minority groups.

Phoenix Insights director Catherine Foot said: “Across the UK, we know that there are up to 18 million people who are under-saving for retirement. Tackling this problem should be an urgent priority for government, employers, and individuals alike, as the nation is living longer than ever before.

“However, by taking a big picture view, we can be at risk of missing the nuanced challenges faced by different groups within society, which is why Phoenix Insights has chosen to take a deeper dive into how different ethnic minority groups are preparing for retirement.

“Our findings are clear that ethnic minority groups do indeed have different expectations and levels of preparation for retirement, whilst at the same time demonstrating the need to better understand how providers and government can support these groups so they can enjoy a good quality retirement that meets their financial needs.”

RELATED POSTS

bonus

Ofwat gains new powers to ban exec bonuses at poor performing firms

Steve Herbert, consultant, ambassador, reward, benefits, HR strategy

Systemic shake-up: it takes HR to do things right

Next Post
brain

Cost of living: Creative thinking in a crisis

four-day week

Employers would consider four-day week if in the office

SUMMIT

BENEFITS UNBOXED PODCAST

Benefits Unboxed
Benefits Unboxed

The podcast from Benefits Expert, the title for HR, reward and benefits professionals.

Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
byBenefits Expert from Definite Article Media

As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater. 

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
22/05/2025
Benefits Expert from Definite Article Media
Search Results placeholder

GUIDE TO CASH PLANS



CLICK TO REQUEST A FREE COPY

OPINION

Steve Herbert, consultant, ambassador, reward, benefits, HR strategy

Systemic shake-up: it takes HR to do things right

Chris Andrew, EVP, Gallagher

Rewriting the deal: how hybrid and remote work is changing EVPs

Pat Sharman, Everyone Matters

What CEOs don’t know about workplace culture, but should

Jo Werker, CEO, Boostworks

Six proactive ways HR can build a happier, healthier workplace

SUBSCRIBE

Benefits Expert

© 2024 Definite Article Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy Policy
  • Terms & Conditions
  • Contact

Follow Benefits Expert

No Result
View All Result
  • News
  • In depth
  • Profile
  • Pensions
  • Global rewards
  • Financial benefits
  • Health & wellbeing
  • Diversity & Inclusion