Financial Inclusion
Financial inclusion means that everyone in society is able to access and use a range of important financial goods and services. Many people in the UK, including many black and minority ethnic people (BME), are excluded from these services, unable to open a bank account, obtain affordable loans or receive money advice. This makes life very difficult, especially those who are poor or disadvantaged.
Latest publication! Saving Beyond the High Street
We have just published research looking at attitudes and experiences of saving among Black and Minority Ethnic communities. Omar Khan reports on the high levels of distrust of mainstream financial institutions among the communities we researched, as well as the continuing popularity of 'community' saving schemes.
Read more about the different areas of our work and download our research reports for free!
Given the increasing numbers of older people in the UK, it is increasingly important to understand the financial needs of older people (over 50). The ageing population will, for the first time, include significant numbers of BME people from a range of backgrounds. In this context, we have recently embarked on a 3-year programme of work on Older BME People and Financial Inclusion.
In order to understand BME people’s experiences of financial exclusion and to recommend ways in which barriers to inclusion can be overcome, we have published a number of reports. These cover a number of different issues, including
- asset inequality
- access to free cash machines
- access to money advice
We have also looked at the issues of savings and pensions. Many BME people do not have any savings or pensions and are therefore at risk of pensioner poverty. We are due to publish (September) a report on savings and (in October) a report looking at the lack of pension provision among self-employed BME people.
