Saving for Retirement: A Review of Ethnic Minorities in the UK

Gough, Orla; Adami, Roberta

doi:10.1017/s1474746412000516

Cited by 12 publications

(8 citation statements)

References 21 publications

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“…In the first instance, the paper highlights that individuals from all ethnic groups (except for Caribbeans for whom the results were not significant) are less likely to be receiving the State Pension or an occupational/private pension. This finding is in line with official government data from the Pensioners Income Series, and is also compatible with the results from qualitative interviews with individuals up to 62 years old by Gough and Adami's (2013) findings. The paper provides a more up-to-date empirical picture of the differences between different ethnic groups ( e.g.…”

Section: Discussionsupporting

confidence: 91%

“…This contributes to 47 per cent of Indian pensioners being in the bottom two quintiles of the income distribution for the pensioners' population, compared to 45 per cent of Black/African/Caribbean/Black British pensioners and 36 per cent of the majority White population (Office for National Statistics and Department for Work and Pensions 2015). Earlier analysis of the Family Resources Survey between 1994 and 2008 indicated that individuals up to the age of 65 from Pakistani, Bangladeshi and Black heritage consistently report having the lowest incomes as well as the lowest savings for retirement (Gough and Adami 2013). In addition, Pakistani and Bangladeshi pensioners have been shown in both quantitative and qualitative research to be more likely to rely on means-tested benefits than pensioners from other BME groups (Berthoud 1998; Burton 1996; Gough and Hick 2009).…”

Section: Pension Protection Among Minority Ethnic Groups In Britainmentioning

confidence: 99%

“…Other research has shown that Pakistani and Bangladeshi pensioners are less likely than White pensioners to contribute to, and be aware of, an employer's pension scheme (Nesbitt and Neary 2001). Finally, gender can further contribute to the ‘ethnic pension penalty’, with Bangladeshi and Pakistani women being the least likely among all men and women from BME groups to be benefiting from a private pension scheme (Ginn and Arber 2001; Gough and Adami 2013).…”

Section: Pension Protection Among Minority Ethnic Groups In Britainmentioning

confidence: 99%

“…Notwithstanding the considerable diversity within the BME population and between different ethnic groups, evidence shows that individuals from BME groups are less likely to be in paid employment during their working age and in later life, they tend to have lower earnings when in work, are less likely to qualify for State Pensions and are less likely to be saving for a private pension (Allmark et al 2010). Such evidence has tended to focus on the analysis of employment patterns among current working-age individuals and the implications of such patterns for their eligibility for future receipt of the State Pension (Gough and Adami 2013; Vlachantoni et al . 2015).…”

Section: Introductionmentioning

confidence: 99%

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Ethnic elders and pension protection in the United Kingdom

et al. 2016

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Pension receipt in later life is determined by the way in which individuals' pension contributions and circumstances over the lifecourse interact with eligibility rules. Within the British context, such pensions relate to sources such as the State Pension, an occupational or private pension, and Pension Credit. Existing research shows that membership of certain ethnic groups is associated with a lower likelihood of receiving occupational or private pensions. Data from Understanding Society allows us to build on existing evidence by examining the factors associated with the receipt of three different kinds of pension income -State, occupational/private and Pension Credit -among older men and women from separate Black and Minority Ethnic (BME) groups. The results show that belonging to certain BME groups reduces one's chances of receiving the State Pension or an occupational/private pension, but increases the chance of receiving Pension Credit. The gender-specific analysis shows that these results hold true for many BME groups of men, whereas among women, only Pakistani women are less likely than White British women to receive an occupational/private pension. Such findings provide up-to-date empirical evidence that ethnic inequalities in pension protection are still evident and contribute to the increasingly important debate in the United Kingdom and elsewhere regarding migrants' social security and welfare over the lifecourse and in later life.

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Section: Discussionsupporting

confidence: 91%

Section: Pension Protection Among Minority Ethnic Groups In Britainmentioning

confidence: 99%

Section: Pension Protection Among Minority Ethnic Groups In Britainmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Ethnic elders and pension protection in the United Kingdom

et al. 2016

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“…The heterogeneity in economic performance amongst ethnic minorities in the UK has also been confirmed by recent findings by Battu and Zenou (2010) as well as by Gough and Adami (2013). Battu and Zenou (2010) argue that some groups have a tendency to perpetuate isolation across generations and therefore affect their opportunities in terms of employment.…”

Section: Previous Researchmentioning

confidence: 62%

Retirement saving in the UK: a life-cycle analysis

Adami

Carosi

Sharma

2018

SEF

Self Cite

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Purpose-This paper studies long term savings accumulation in the UK. We use crosssectional information from the extensive dataset of the Family Resources Survey to compare long term saving amongst different ethnic groups with our control group, the native population. We reflect on whether different groups are more likely to suffer poverty in retirement. Design / Methodology / Approach-In our analysis we apply the life cycle framework to explain saving profiles. This theoretical model has been used extensively in the field of economics and can be applied to empirical studies to examine changes in income and saving patterns over the life-course. The framework contends that individuals make savings decisions to smooth consumption over different phases of their life-cycle. Findings-Our findings indicate that socioeconomic factors are key elements in determining whether individuals plan for retirement, if factors are controlled for the differences in saving behaviours between ethnic minorities and the control population decrease considerably. Asian women, with good education and social standing display greater saving rates than the control group, while the socioeconomic disadvantage suffered especially by Pakistani and Bangladeshi women is key to their inability to save long-term. High levels of poverty in retirement are more likely to be caused by the interaction of low levels of education, part-time work and long spells of unemployment than by ethnicity. Originality / Value-Our important contribution to the debate on savings by ethnic minorities is the extension of the life-cycle model to specific sections of the population, to proffer new insights into their saving / dis-saving patterns, and ultimately their welfare in retirement.

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Britain’s South Asian Elders and Second-Generation Out-Migration – Family and Care in the Context of COVID-19

Khambhaita

2021

Handbook of Aging, Health and Public Policy

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Saving for Retirement: A Review of Ethnic Minorities in the UK

Cited by 12 publications

References 21 publications

Ethnic elders and pension protection in the United Kingdom

Ethnic elders and pension protection in the United Kingdom

Retirement saving in the UK: a life-cycle analysis

Britain’s South Asian Elders and Second-Generation Out-Migration – Family and Care in the Context of COVID-19

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