Financial Inclusion
Runnymede has recently begun a project on Financial Inclusion. Financial inclusion refers to access to a range of financial goods and services, including bank accounts, credit, insurance, savings and advice. Access to such goods and services is of course vital for economic well-being, but financial exclusion may also affect broader measures of deprivation in education, employment and housing.
Financial Inclusion is a relatively new research and policy topic, but in the past few years the Government has adopted a range of policies aimed at tackling financial exclusion, including basic bank accounts, the Saving Gateway and the Child Trust Fund.
But despite the growing research and policy in addressing financial exclusion, there is virtually no research, data collection or analysis on levels and experiences of financial exclusion by ethnicity. Policy is being rapidly developed in this area without gathering and considering evidence on the possible differential impact of the policy on black and minority ethnic (BME) groups. For example, funding under the Social Inclusion Fund is being granted to a range of organisations, including at least one major consortium of community based money advice/support providers, without exploring whether or not there may be a need for targeted outreach to BME groups.
Another important area is pensions. In our response to the Thoresen Review, Runnymede noted a number of features of BME labour market participation that impact their pensions provision. Our conclusions in this area convinced us that there are significant differentials for at least some BME groups in terms of access to pensions. Click here to read more.
Runnymede is therefore conducting a wide-ranging scoping exercise with the purpose of gaining a better understanding of the similarities and differences between White and Black, Asian and other minority ethnic groups (including White ME groups) in their experiences of financial exclusion/inclusion.
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The Runnymede Trust 7 Plough Yard, Shoreditch, London EC2A 3LP