Pension protection among men and women from UK Pakistani and Bangladeshi communities

Vlachantoni, Athina, Akhtar, Saddaf Naaz, Mocnik, Spela and Yin, Yuanyuan , Mcgowan, Teresa and Dey, Becki (eds.) (2024) Pension protection among men and women from UK Pakistani and Bangladeshi communities (ESRC Centre for Population Change and Connecting Generations Policy Briefing Series, 80) ESRC Centre for Population Change 4pp.

Abstract

Financial preparedness for later life is crucial in preventing poverty, particularly for ethnic minority communities in the UK. Findings from a research project in the Centre for Research on Ageing show that there are ethnic disparities in workplace pension membership in the UK, with persons from Bangladeshi and Pakistani communities, especially women, facing the greatest gaps. Persons from Pakistani communities are less likely to receive a workplace pension than those from White British communities, while persons from Indian communities tend to rely more on Pension Credit. Additionally, individuals from Indian, Pakistani, and Bangladeshi communities are less likely to expect to use non-pension savings for retirement, highlighting unique financial challenges within these groups.

To address these issues, targeted pension education and culturally relevant financial services are needed to improve access and planning for retirement, particularly among ethnic minority women. Older persons from Pakistani and Bangladeshi communities remain especially financially vulnerable, often lacking access to both state and workplace pensions. Tailored pension reforms and inclusive financial education could bridge this gap, ensuring more equitable support across diverse communities as they near retirement.

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Contributors

Author: Athina Vlachantoni

Author: Saddaf Naaz Akhtar

Author: Spela Mocnik

Author: Yuanyuan Yin

Editor: Teresa Mcgowan

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