Retirement preparations among different ethnic groups

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To improve retirement prospects for the whole of society in the UK we need a better understanding of ethnic differences in future retirement outcomes and the drivers behind them, so that any appropriate interventions for the government and the industry can be identified and designed.   

Partnering with Frontier Economics, we’ve used our Longer Lives Index to explore differences in ethnic minority retirement outcomes, using the findings to give employers food for thought when considering their customers, and incite meaningful change. 

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Our findings

• Most ethnic minority groups on average expect a higher retirement income than the white British group, other Asian and other white groups  
• Ethnic minority groups on average expect to retire earlier than white British people 
• All ethnic minority groups are less likely to expect an inheritance to contribute to their retirement funding, but are more likely to expect to draw on second property wealth than white British people  

Customer solutions

We aim to develop the conversation on ethnic differences in retirement prospects and highlight areas that are worth further exploration, thus helping Phoenix Group shape its products and solutions to fit all of our customers.

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