Skip to content 
Search

Latest Stories

South Asians in UK rely financially on support networks upon retirement, finds study

Pension participation among ethnic minorities in UK is lower than average, and non-pension sources are expected to play an important role in funding the retirement of this group

People from Pakistani, Bangladeshi and Indian ethnic backgrounds were more likely to rely financially on support networks, such as friends and family, upon retirement, than white British people, a research has revealed.

Pension participation among ethnic minorities in UK is lower than average, and non-pension sources are expected to play an important role in funding the retirement of this group, a new research by Phoenix Group’s longevity think tank, Phoenix Insights, has stated.


The research said that as many as 37 per cent of people from Indian or Pakistani and 36 per cent of people from Bangladeshi ethnic backgrounds expect a 'comfortable' retirement, compared to 25 per cent among white British people. Around 38 per cent of people from black African also expect a 'smooth' retirement life.

However, these expectations do not reflect the current reality in which weekly income for retired Asian and black families are £391 and £412 respectively, compared to the population average of £556.

Most ethnic minority groups expect an income between £3,000 - £7,000 a year higher than the UK average and aim to retire up to two years earlier, the research said.

According to the study, awareness of how much money is needed to afford a good standard of living after retirement is vital for ethnic minorities in the country.

It also urged industry leaders to think about how they communicate and engage with this group as customers so they can understand and provide solutions for an apparent retirement funding gap in many communities better.

When compared to the average retirement income of £25,000 expected by white British people, most ethnic minority groups expect to have a retirement income around 16 per cent higher if they were of a similar age and had similar salaries.

Phoenix Insights use ‘ethnic minorities’ to refer to all ethnic groups except the white British, but including white minorities.

With retirement income typically determined by the number of years a person has saved for and how many years of retirement need to be financed, the finding that individuals from ethnic minority groups also aim to retire up to two years earlier suggests additional limitations on the size of the savings pot these groups will be entering retirement with.

“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," said Catherine Foot, director of Phoenix Insights.

“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.”

The study further said that property wealth is also more likely expected to be drawn upon by most ethnic minority groups than for white British people, reflecting differences in cultural norms and family structures.

More For You

Manchester Police probes over 1,000 child sexual abuse suspects

Photo for representation. (iStock)

Getty Images/iStockphoto

Manchester Police probes over 1,000 child sexual abuse suspects

GREATER MANCHESTER POLICE is now investigating more than 1,000 child sexual abuse suspects, following years of public criticism and institutional failings in tackling child sexual exploitation.

A new report by His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) has revealed the force has made “significant improvements” in dealing with group-based sexual abuse and related crimes.

Keep ReadingShow less
Diwali

This year’s Diwali event will still see Belgrave Road continue to host what is left of the festival. (Representational image)

Major changes announced for Leicester’s Diwali celebrations amid safety fears

LDRS

THIS year’s annual Diwali celebrations will be stripped back amid public safety fears. Leicester City Council has said there will be no fireworks or stage entertainment as part of major changes announced for the event.

Cossington Street Recreation Ground will also not be used for the festivities, the council has revealed. The green space previously was the location for the main stage and the Diwali Village with its food stalls, funfair rides, fashion and arts. The annual fire garden display was also based there, offering “a peaceful oasis amid the festive excitement”.

Keep ReadingShow less
Corbyn- Zarah Sultana

Zarah Sultana with Jeremy Corbyn during a protest outside Downing Street demanding the UK government to stop all arms sales to Israel. (Photo: X/@zarahsultana)

X/@zarahsultana

Zarah Sultana leaves Labour, plans new party with Corbyn and independents

FORMER Labour MP Zarah Sultana has announced her resignation from the party and plans to launch a new political party alongside ex-Labour leader Jeremy Corbyn and other independent MPs and activists.

Sultana, who represents Coventry South, lost the Labour whip last year for supporting the removal of the two-child benefit cap.

Keep ReadingShow less
Hasmukh Shah

The certificate was presented to Shah at the Welsh parliament by Anita Bailey, Home Office Director Windrush Unit.

Hasmukh Shah receives UK minister’s certificate of appreciation

A prominent Asian doctor has been recognised for his services to the community. Prof Hasmukh Shah has received a certificate of appreciation for his contribution and services to the United Kingdom.

The certificate was issued by Seema Malhotra MP, UK Minister for Migration and Citizenship, as part of the Windrush Cymru Elders and Race Council Cymru’s Windrush work in Wales.

Keep ReadingShow less
Dalai-Lama-Getty

Dalai Lama looks on as offerings presented by Buddhist followers are laid on a table during a Long Life Prayer offering ceremony at the Main Tibetan Temple in McLeod Ganj, near Dharamsala, India, on June 30, 2025.(Photo: Getty Images)

Getty Images

India says Dalai Lama alone can decide successor

A SENIOR Indian minister has said that only the Dalai Lama and the organisation he has established have the authority to decide his successor as the spiritual leader of Tibetan Buddhism. The comment runs contrary to China’s long-standing position on the matter.

The Dalai Lama, who fled to India in 1959 following a failed uprising against Chinese rule, said on Wednesday that after his death he would be reincarnated as the next spiritual leader, and that only the Gaden Phodrang Trust would be able to identify his successor. He had earlier said that the next Dalai Lama would be born outside China.

Keep ReadingShow less