Black and Asian women are facing significant challenges throughout their financial journey, from employment opportunities to retirement savings, says a study by pension provider Scottish Widows.
In a research conducted online by YouGov, it was found that nearly one in three black women (30 per cent) are most likely to reduce working hours instead of retiring, compared with 22 per cent of Asian women and 21 per cent white British women.
Half of black women surveyed (52 per cent) and two in three (66 per cent) Asian women are concerned about running out of retirement savings.
Almost one in six (14 per cent) black women and (15 per cent) of Asian women are opting out of paying into a pension pot, as against 5 per cent of white British women.
The reasons cited was lack of trust, not being able to afford it and preferring to save money in other ways.
The Lloyd's Bank-owned Scottish Widows is partnering with Black Girl Finance, led by personal finance influencer Selina Flavius, for an event in London on Saturday (16) to address these challenges.
The event aims to break down barriers to financial literacy and provide women with the tools they need to feel comfortable in future financial planning.
Rose St Louis of Scottish Widows said, “As we dig deeper into our research, it’s clear women from underrepresented communities face disproportionate challenges when it comes to financial future planning."
Selina said that working with Scottish Widows will provide an opportunity to spotlight some of financial challenges faced by black women and work towards solutions.
