Financial Inclusion

Financial inclusion means that everyone in society is able to access and use appropriate and affordable 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 has a wider effect on people's ability to participate in economic and social life.

Many black and minority ethnic people experience labour market disadvantage, including unemployment and low earnings.Consequently, many find it difficult to build savings, assets or a decent pension for retirement. This leaves them vulnerable to the financial shocks and emergencies we all face and puts them at risk of poverty in retirement.

We have also produced a number of reports on the financial needs of older black and minority ethnic people. Read more about our Older BME People programme.

Financial Inclusion and Ethnicity: An Agenda for Research and Policy Action (2008)
By Omar Khan
Funded by The Friends Provident Foundation
Who Pays to Access Cash? Ethnicity and Cash Machines (2009)
By Omar Khan and Ludi Simpson
Funded by The Calouste Gulbenkian Foundation
Seeking Sound Advice: Financial Inclusion and Ethnicity (2010)
By Phil Mawhinney
Funded by The Nationwide Foundation

Ready for Retirement? Pensions and Bangladeshi Self-employment
By Phil Mawhinney
Funded by The Nationwide Foundation
Saving Beyond the High Street: A Profile of Saving Patterns among Black and Minority Ethnic People
By Omar Khan
Funded by The Nationwide Foundation
Why Do Assets Matter? Asset Equality and Ethnicity: Building Towards Financial Inclusion
By Omar Khan
Funded by the Equality and Human Rights Commission

We have also contributed responses to developments in pensions policy, highlighting the particular disadvantages faced by people in BME communities.

The Pensions Bill: Briefing Paper (2007)

Personal Accounts: Implications for Black, Asian and Minority Ethnic Communities (2007)

Proposals for Pensions Reform: Implications for Black and Minority Ethnic Communities (2006)

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