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Over a third of south Asians projected to have a comfortable retirement in UK

The study, conducted annually by Scottish Widows, indicates promising retirement preparations within the south Asian communities, particularly among the Indian population

Over a third of south Asians projected to have a comfortable retirement in UK

Over a third of south Asian communities in the UK are projected to achieve a comfortable retirement, a Scottish Widows' latest Retirement Report revealed.

The report's National Retirement Forecast offers a comprehensive perspective on the nation's retirement landscape, presenting a particularly positive outlook for Indian communities.


Released on Monday, August 14, 2023, the Retirement Report coincides with the UK's celebration of south Asian Heritage Month (from July 18 to August 17).

The study, conducted annually by Scottish Widows, indicates promising retirement preparations within the south Asian communities, particularly among the Indian population.

However, the report also underscores disparities in retirement planning across various south Asian groups.

Only 35% of respondents within the Pakistani community and 39% from other Asian communities are currently projected to achieve a comfortable retirement lifestyle.

These percentages align broadly with those of White British (36%), White non-British (30%), and Black (35%) communities.

The positive retirement outlook of the Indian community can be attributed to several factors, a press release said. These factors include higher levels of non-pension savings, a higher likelihood of being married or in a civil partnership, the expectation of partner contributions to retirement incomes, and lower levels of debt compared to other underrepresented communities.

Ranila Ravi-Burslem, intermediary distribution director at Scottish Widows, emphasises the need for deeper understanding of the challenges faced by different south Asian communities.

She underscores the disparities in earnings between communities and highlights the importance of providing financial education, support, and tools within underrepresented groups to work towards comfortable and secure retirements for all.

“The data from the Office of National Statistics reveals the disparities in earnings of those within the Bangladeshi and Pakistani communities, earning 16.9% and 20.2% less than their white counterparts.”

Scottish Widows, founded in 1815, is part of Lloyds Banking Group, the UK's largest digital bank and financial services group.

With assets under administration totalling around £190 billion and serving 6 million customers, Scottish Widows' product range includes workplace and individual pensions, annuities, life cover, critical illness coverage, income protection, savings, and investment products.

The National Retirement Forecast (NRF) of the report presents an in-depth outlook of the UK's retirement landscape, utilising the Pension and Lifetime Savings Association (PLSA)'s 'Retirement Living Standards' levels to project people's quality of lifestyle in retirement.

The NRF assesses potential retirement outcomes for individuals aged 22 to 65, projecting their retirement income based on current savings and behaviours, including various sources of retirement income.

This projection is benchmarked against PLSA's retirement living standards, categorising lifestyle levels as minimum, moderate, or comfortable based on spending patterns related to food, clothing, transportation, holidays, and housing.

The research involved a YouGov online survey of 5,072 nationally representative UK respondents between March 21, 2023, and April 5, 2023.

Additionally, a further survey of 1,352 ethnic minorities in the UK took place between March 21, 2023, and April 6, 2023.

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