BAME communities urged to get voices heard in Great British Retirement Survey

interactive investor aims to make this year’s survey the most inclusive yet.

• We want as many people as possible, from all corners of the country and all walks of life, to take part in our Great British Retirement Survey. Link to survey: bit.ly/GBRS2021

interactive investor is urging Black, Asian and minority ethnic (BAME) communities to get their voices heard in this year’s interactive investor Great British Retirement Survey to help make it the most inclusive survey on expectations and realities in later life.

Recent figures by the Office For National Statistics (ONS) on household wealth by ethnicity in Great Britain between April 2016 to March 2018 revealed that almost across the board, people of colour were worse off than their white counterparts - but one of the standout findings is the ethnicity pension disparity.

The median private pension value was £80,000 for White British groups but less than £5,000 for Bangladeshi, Black African, Chinese and any other ethnic groups. The ONS said that disparities in employment rates and earnings will contribute to the ethnicity pensions gap, but also points to a pensions knowledge gap and the likelihood of participating in available schemes being lower among some ethnic minority groups.

Exploring the differences in the expectations and reality of retirement among the different communities was a key objective during the planning of last year’s Great British Retirement Survey. However, in a survey that attracted more than 12,000 respondents, there simply wasn’t a big enough sample from BAME communities to draw many meaningful conclusions.

Myron Jobson, Personal Finance Campaigner, interactive investor, says: “The latest ONS [data] on household wealth revealed an ethnic wealth chasm – not gap – that needs to be addressed – akin to efforts rightly made to address gender inequalities. The first step is understanding the experiences and expectations that are unique to different communities. However, lack of research is an ongoing motif when it comes to exploring how attitudes and experiences among BAME communities’ might affect their access to, and use of, financial services.

“It is vital for us ethnic minorities to get our voices heard to allow the financial services industry, which is still very much pale and male, to develop a greater understanding of the very real differences in economic outcomes for different groups in society.

“Cultural diversity is an intrinsic facet of the nation that puts the “Great” in Great Britain. The UK is made up of four nations; England, Scotland Wales and Northern Ireland – all different countries with unique dialects, customs and traditions. As such, the financial industry must also proactively endeavour to understand how the system plays a role in producing unequal economic outcomes, how it directly contributes to ethnic wealth inequality and establish what needs to be done for a more inclusive financial system – a key enabler in reducing poverty and boosting prosperity.

“Help us spread the word to make this year’s Great British Retirement Survey the most inclusive one yet.”

To take part in the survey: bit.ly/GBRS2021.