Impacts on Different
Groups
Rising costs affect us all in different ways. In this section we take a look at the impact on different demographic groupings.
MINORITY ETHNIC GROUPS
All minority ethnic groups are more concerned about rising living costs compared to those who are in the White British ethnic group. The Pakistani (53%) and the Black (48%) ethnic groups stand out in terms of being the most concerned.
Those in minority ethnic groups are also more likely to be cutting back on their pension contributions than those who are in the White British (10%) ethnic group – notably, those in the Pakistani ethnic group (21%) are twice as likely, while those in the Black ethnic group (16%) are about one and a half times more likely to have cut back on their contributions.
Conclusion
Impacts on Different Groups
We have explored the differing ways groups could be affected. Some may struggle to make ends meet or are forced to cut back on spending in concerning ways.
At the same time, others may be exposed to inflation eroding the real value of their savings in cash or low-risk assets, or face higher taxation as a result of the frozen Lifetime Allowance.
