Why Do Assets Matter?
Many people in the UK are preoccupied with wealth, particularly since concern over having enough money in retirement has risen. But whatever people’s lifetime aspirations and expectations of accumulating wealth, in reality very few ever acquire significant number of assets, including owning a house.
This report adds to our financial inclusion programme by detailing the extent to which black and minority ethnic people hold fewer assets than the wider population – as a result, they have less financial security. Indeed, some black and minority ethnic people are twice as likely as white people to have no savings, with 6 per cent of black and Asian people in the UK having no savings at all.
It argues that the effects of holding few assets is important socially as well as financially and proposes ways to increase asset-holding so that everyone in the UK, regardless of ethnicity, has a better chance of realising their aspirations.
This report was funded by the Nationwide Foundation.
Download the executive summary.