Financial preparedness for later life among the Chinese community in the UK

New research by Dr Saddaf Naaz Akhtar, Dr Spela Mocnik, Professor Yuanyuan Yin and Professor Athina Vlachantoni examines financial preparedness for later life among individuals from the Chinese community in the UK.

Using a mixed-methods approach, the research investigates pension arrangements and retirement planning attitudes using data from the UK Household Longitudinal Survey (2010 – 2023), photovoice method and focus groups. The findings show a lack of trust in the government and pensions systems, leading to an emphasis on personal savings, self-reliance, and family support for financial security in later life.

The main findings from the research were:

• In the UK, individuals from the Chinese community have higher personal pension membership and are more likely to expect to use savings or investments for retirement than any other ethnic group.

• Men are more likely than women to have a personal pension and to expect to use savings or investments for retirement.
• Language barriers and digital exclusion may hinder access to pension information, reinforcing reliance on personal savings.

• Low trust in the government and pension systems drives greater reliance on personal savings, self-sufficiency and family support for financial security in later life.

• Leveraging successful retirement planning models among individuals from the Chinese community can encourage all communities, especially women, to financially prepare for later life, ensuring greater security and financial independence in retirement for everyone.

• Policy responses should develop financial literacy programmes, build trust in UK pension systems, offer financial rewards/incentives, and address language barriers among individuals from minority ethnic groups.

Further reading

[Financial preparedness for later life among the Chinese community in the UK|Financial preparedness for later life
among the Chinese community in the UK] (CPC-CG Policy Briefing 82)

Promoting inclusivity in pension protection and other forms of saving among men and women from black and minority ethnic communities in the UK: a mixed methods study (Project information page)

Posted 24/04/2025 10:38