Levelling the playing field – Building inclusive access to financial services for people from minority ethnic groups

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

The research we commissioned was undertaken by IPSOS and found that 22% of those from minority ethnic groups have experienced discrimination due to race when dealing with financial providers, with qualitative research from ClearView Research hearing lived experiences of people from these groups being treated with overt suspicion, we also heard about people being accused of lying. Those more likely to be financially disadvantaged were more likely to experience discrimination.

We’re incredibly grateful to all the individuals and organisations who took part in this research and gave us a rich data set and compelling human stories about their experiences of financial services in the UK. We’re also thankful to our Steering Committee who supported the development of this research, and our Practitioner Group who supported the validation of our findings and the construction of our Calls to Action.

If you would like to find out more, or get involved with our practitioner group, please get in touch with Ayesha at ayesha@fair4allfinance.org.uk