Ethnic differences in workplace pension membership and savings among adults aged 45-64 years in the United Kingdom: continuity and change between 2009-2023
Ethnic differences in workplace pension membership and savings among adults aged 45-64 years in the United Kingdom: continuity and change between 2009-2023
Being financially prepared for later life can make the difference between living in poverty and not. Existing research in the UK has evidenced gaps in pension protection between working-age individuals from different minority ethnic communities, however research contextualising such gaps in social policies aimed at encouraging more individuals to save for later life through automatic enrolment in workplace pensions, is lacking. Using data from the UK Household Longitudinal Study between 2009-2023, this paper first examines patterns of continuity and change in pension protection among working-age individuals from minority ethnic groups. Focusing on the most recent wave, the analysis then assesses the role of ethnicity, and of demographic, health, socio-economic and subjective wellbeing factors in explaining individuals’ propensity to have workplace or personal pension membership, or non-pension savings/investments. The findings show persistent ethnic gaps in workplace pension membership, with Bangladeshi and Pakistani individuals faring worse than other ethnic groups, and women within such groups faring the worst. Factors indicating better socio-economic and subjective financial situation are associated with a greater likelihood of having a personal pension or savings/investments. The paper critically discusses how current policies address the ethnic gaps in pension protection, and how such gaps can be addressed more effectively in the future.
Vlachantoni, Athina
06a52fbb-f2a0-4c81-9fbc-d6efc736c6cb
Yin, Yuanyuan
cdb7e6d5-a9d9-4ecc-bbaa-a10ea4350f39
Akhtar, Saddaf Naaz
aa7e6bda-4317-4905-bbde-1582a6a7bf58
Mocnik, Spela
4395a7ff-dbd7-49e1-817b-14090a389903
9 September 2024
Vlachantoni, Athina
06a52fbb-f2a0-4c81-9fbc-d6efc736c6cb
Yin, Yuanyuan
cdb7e6d5-a9d9-4ecc-bbaa-a10ea4350f39
Akhtar, Saddaf Naaz
aa7e6bda-4317-4905-bbde-1582a6a7bf58
Mocnik, Spela
4395a7ff-dbd7-49e1-817b-14090a389903
Vlachantoni, Athina, Yin, Yuanyuan, Akhtar, Saddaf Naaz and Mocnik, Spela
(2024)
Ethnic differences in workplace pension membership and savings among adults aged 45-64 years in the United Kingdom: continuity and change between 2009-2023.
British Society for Population Studies Annual Conference 2024, , Bath, United Kingdom.
09 - 11 Sep 2024.
Record type:
Conference or Workshop Item
(Other)
Abstract
Being financially prepared for later life can make the difference between living in poverty and not. Existing research in the UK has evidenced gaps in pension protection between working-age individuals from different minority ethnic communities, however research contextualising such gaps in social policies aimed at encouraging more individuals to save for later life through automatic enrolment in workplace pensions, is lacking. Using data from the UK Household Longitudinal Study between 2009-2023, this paper first examines patterns of continuity and change in pension protection among working-age individuals from minority ethnic groups. Focusing on the most recent wave, the analysis then assesses the role of ethnicity, and of demographic, health, socio-economic and subjective wellbeing factors in explaining individuals’ propensity to have workplace or personal pension membership, or non-pension savings/investments. The findings show persistent ethnic gaps in workplace pension membership, with Bangladeshi and Pakistani individuals faring worse than other ethnic groups, and women within such groups faring the worst. Factors indicating better socio-economic and subjective financial situation are associated with a greater likelihood of having a personal pension or savings/investments. The paper critically discusses how current policies address the ethnic gaps in pension protection, and how such gaps can be addressed more effectively in the future.
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Published date: 9 September 2024
Venue - Dates:
British Society for Population Studies Annual Conference 2024, , Bath, United Kingdom, 2024-09-09 - 2024-09-11
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Local EPrints ID: 494536
URI: http://eprints.soton.ac.uk/id/eprint/494536
PURE UUID: 311562c2-1b52-4abe-b69b-e1919ee6310d
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Date deposited: 10 Oct 2024 16:36
Last modified: 11 Oct 2024 02:06
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Contributors
Author:
Saddaf Naaz Akhtar
Author:
Spela Mocnik
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