Access to Workplace Retirement Plans by Race and Ethnicity

Workers are 15 times more likely to save for retirement if they have access to a payroll deduction savings plan at work. Yet nearly half of American private-sector employees—roughly 55 million—work for an employer that does not offer a retirement plan. Black, Asian, and Hispanic workers are overrepresented among employees that work for an employer that does not offer a retirement plan.

Main findings:

• Hispanic, Black, and Asian workers are less likely than White workers to have an employer-sponsored retirement plan.

• Hispanic, Black, and Asian workers make up about 43 percent of those who lack access to an employer-sponsored retirement plan.

• Hispanic, Black, and Asian workers strongly support state-facilitated retirement savings plans.