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        Retirement saving in the UK: a life-cycle analysis

        Author
        Sharma, Anita
        Adami, Roberta
        Carosi, Andrea
        Attention
        2299/20231
        Abstract
        Purpose: This paper aims to study long-term savings accumulation in the UK. The authors use cross-sectional information from the extensive data set of the Family Resources Survey to compare long-term saving amongst different ethnic groups with the control group, the native population. The paper reflects on whether different groups are more likely to suffer poverty in retirement. Design/methodology/approach: In this analysis, the authors apply the life-cycle framework to explain saving profiles. This theoretical model has been used extensively in the field of economics and can be applied to empirical studies to examine changes in income and saving patterns over the life-course. The framework contends that individuals make savings decisions to smooth consumption over different phases of their life-cycle. Findings: The findings indicate that socio-economic factors are key elements in determining whether individuals plan for retirement if factors are controlled for the differences in saving behaviours between ethnic minorities and the control population decrease considerably. Asian women, with good education and social standing, display greater saving rates than the control group, while the socio-economic disadvantage suffered especially by Pakistani and Bangladeshi women is key to their inability to save long-term. High levels of poverty in retirement are more likely to be caused by the interaction of low levels of education, part-time work and long spells of unemployment than by ethnicity. Originality/value: The important contribution to the debate on savings by ethnic minorities is the extension of the life-cycle model to specific sections of the population and to proffer new insights into their saving/dis-saving patterns and ultimately their welfare in retirement.
        Publication date
        2018-01-01
        Published in
        Studies in Economics and Finance
        Published version
        https://doi.org/10.1108/SEF-01-2017-0018
        Other links
        http://hdl.handle.net/2299/20231
        Relations
        Hertfordshire Business School
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