1 in 5 people from minority ethnic groups experience discrimination due to race when dealing with financial providers finds new report

Our new research finds people from minority ethnic groups experience discrimination and multiple barriers to accessing financial services in the UK

The goal with this research is to improve the understanding of the financial lives and needs of people from minority ethnic groups. We believe that we can help transform the financial system through investment, research, and partnerships – so that everyone has access to the right products and services, whenever they need them.

The report finds:

  • People from minority ethnic groups face greater exclusion from the financial system right now
  • People from minority ethnic groups experience higher levels of discrimination and face multiple barriers to accessing mainstream finance
  • It doesn’t have to be like this – there are clear solutions and practical ways to address discrimination and improve financial wellbeing
  • This is an opportunity for the UK financial service providers to accelerate work on improving financial inclusion

Our new report into how ethnicity influences access to financial services in the UK finds that people from minority ethnic groups experienced higher levels of discrimination and face multiple barriers to accessing mainstream finance, including a lack of trust, ‘one size fits all’ solution, a lack of transparency around decision making, and a lack of cultural representation.

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