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Black people urged to take part in survey about pension expectations versus reality, as figures show we are likely to have lower savings
RETIREMENT: Black people were found to be more likely to have less savings in retirement compared to white people (Image via Getty Images)
BLACK PEOPLE are being called to take part in a new survey on their expectations from their pensions and savings in later life.
Interactive Investor has launched the Great British Retirement Survey. After recent figures from the Office of National Statistics (ONS), revealed that between April 2016 to March 2018 people of colour were at a significant disparity in comparison to their white counterparts with pensions, they would like to ensure that those from black, Asian and minority ethnic backgrounds also take part.
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For some people, finishing work for good is an appealing idea, with the prospect of travel, spending time with family and enjoying hobbies. But retiring during a pandemic is a different matter entirely.
Travel isn’t currently an option, and for months Britons have been restricted in what they can do and who they can meet. And aside from being physically prevented from fulfilling their dreams, for many on the verge of retirement, Covid-19 has had a financial impact, too.
In 2021 about 680,000 Britons will reach state pension age, according to the Office for National Statistics, but the coronavirus means many are having to think again about when, or even if, they can stop work.
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Rethinking plans
Research from wealth manager Brewin Dolphin found that the pandemic has forced 16 per cent of workers over 55 to change their retirement plans.
More than half said they had had to delay retirement by an average of three years because of the impact on savings and investments on the stock market.
Yet Brewin Dolphin says it is seeing more and more clients turn their back on the traditional hard stop retirement, and many now plan to work part-time, start their own business, or re-train to try something else.
Carla Morris, financial planner at the wealth manager, says: Many of our clients in their 50s are no longer planning to retire completely.