Seeking Sound Advice
by Phil Mawhinney
Many black and minority ethnic people are at risk of exclusion from a new government money advice service, suggests this research from our financial inclusion programme.
The report makes recommendations to ensure that BME people are able to make full use of the government’s Money Guidance service, a scheme which aims to provide free and impartial advice on a range of money issues and is currently being extended across the country.
Against the backdrop of the recession, many BME people have serious money issues and a pressing need to access support from Money Guidance. People from BME backgrounds are more likely to be unemployed or living in income poverty than the wider population; on top of this, many are socially marginalized because of language and cultural differences.
Using research gathered from within ethnic minority communities, the report also gives an insight into BME people's experience of advice in banks and charities.
The report was funded by the Nationwide Foundation.