International Women’s Day: Listening to the Voices Behind the Ethnicity Pensions Gap

Written by Sally Minchella, Trustee Director and Head of LawDeb Pensions DE&I Working Group

This International Women’s Day, I’ve been reflecting on the uncomfortable truth that too many women are still heading towards retirement with less financial security, less clarity and less confidence. And for women from ethnic minority backgrounds, the picture is even more stark.

Recent research* involving over 50 women from Black, Asian and other ethnic minority communities gives an unusually rich and candid look into how culture, lived experiences and long-standing barriers shape their relationship with pensions. What stood out most for me were the stories - women speaking openly about their hopes for independence, their anxiety about the future, the pressure of supporting both parents and children, and their sense that pensions were simply “not for people like me”.  Yet there was real optimism too.

A new generation, a new narrative

Across every group, a strong generational shift emerged. Younger women - often British-born, better educated and more likely to be in paid work - see financial independence as essential. Many reject the traditional expectation that their children will support them later in life. They want independence and are clear that they expect to stand on their own feet.

But many still lack clarity on pension basics, such as where contributions go, what death benefits are available, how tax relief works and whether investments align with religious or cultural values.  These aren’t trivial questions; they show a system that still doesn’t feel designed with their realities in mind.

“Is this even for people like me?”

For many women in the study, pensions felt distant and impersonal. In contrast, property, gold, business ownership or familiar community‑based practices, like Caribbean pardner schemes, felt relatable, more trustworthy and culturally grounded.

Some expressed a deep lack of trust, shaped by past financial scandals, constant policy changes and overly technical communications. For others, English not being a first language made basic information unnecessarily difficult to navigate. And for a number of Muslim women, simply understanding whether a pension was halal (rather than Shariah complaint) was a barrier in itself.  Perhaps if we want improved engagement, the system needs to better reflect the full diversity of people it serves.

Hunger for information, but delivered differently

What’s positive is that these women want information. They want to understand how pensions work, what they could deliver, and how to make better decisions. But they want that information delivered in ways that feel relevant, respectful and accessible.

They look for guidance from:

• People they trust and identify with
• Clear, simple explanations in plain English
• Short videos, apps and content on the platforms they already use
• Independent and relatable voices rather than jargon-heavy industry messages

I think this is a fair call for communication that meets people where they are, and that we should listen to this feedback as an industry.

Putting inclusion into practice

For trustees, providers and employers, this research is helpful and provides direction.

We can help play our part towards closing the gender and ethnicity pensions gaps by:

• Replace jargon with clarity, and repeat key messages more often than we think
• Segment our membership meaningfully, acknowledging cultural, generational and community differences
• Engage diverse and trusted voices
• Place information in easily accessible places, not buried in technical letters and PDFs
• Recognise the emotional landscape — fear, hope, aspiration and the desire for independence

To my mind, this goes to the heart of applying inclusion in practice.

A glimmer of hope, and a call to act

This International Women’s Day, we have a real opportunity to lead by example.

I’m feeling positive from the research that younger generations are more financially independent, the appetite for guidance is strong and women are ready to engage, when communication feels genuine and relevant.  It’s time for us to make that true for all women.

*Thank you to LCP , Independent Governance Group (IGG) and Smart Pension for sharing such interesting research.

Do reach out to Sally Minchella to find out more about our approach to driving diversity, equity and inclusion in pensions.