Study says nonwhites have harder time saving for retirement

With falling house prices and difficult job markets across parts of the United States and Canada, many people have had difficulty saving enough money for retirement, whether they decide to live in assisted living communities, Alzheimer's Care facilities, or at home. And the challenges also vary region to region, with poorer states and provinces having more difficulties.

But new data from the University of California at Berkeley says ethnic minority groups in the United States have harder times saving for retirement.

As reported recently on KRDO.com, the study focused on Black and Hispanic populations in the United States, and found that their poverty rates for people over age 65 were significantly higher than for Whites (19.4 per cent and 19 per cent, respectively).

The researchers discovered a couple reasons why the disparity exists, primarily because nonwhites are less likely than whites to work at an employer where there is a retirement plan offered, and when there is a retirement plan, they are statistically less likely to contribute to these plans.

Nari Rhee, author of the study, told the news source that governments can make it easier for Baby Boomers and seniors to save by looking into pension reform, and helping people contribute to their retirement plans.