Financial inclusion of Black, Asian and minority ethnic communities in the UK

In the financial system, people from Black, Asian and minority ethnic backgrounds face greater financial exclusion. There are multiple issues in the entrenched design and behaviours in the system that contribute to this. These must be addressed to achieve equity of outcomes for all ethnic groups. The headline data shows many specific disadvantages

To properly address these disadvantages we first need to acknowledge that they exist and understand their underlying causes. Change happens when you understand and act on the underlying issues.

At Fair4All Finance we are working hard to understand the reasons, biases and market structures that have financially excluded people from minority ethnic communities.

We are currently commissioning an in-depth study, building on the recommendations of the Runnymede Trust, to help us unpick the existing barriers to financial inclusion facing people from minority ethnic communities.

We are particularly interested in the reasons why Black, Asian and minority ethnic communities have poorer access to financial products and services and how to effectively target and improve services for these communities.

We’re committed to using the insights from this research to work with the whole financial services sector to build fairer and more equitable systems.