Levelling the Playing Field: Building inclusive access to financial services for people from minority ethnic groups
New research from Fair4All Finance, conducted by Ipsos, finds people from minority ethnic groups experience discrimination and multiple barriers to accessing financial services in the UK.
The goal of this research is to improve the understanding of the financial lives and needs of people from minority ethnic groups. Fair4All Finance believe that they 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.
Key takeaways
- 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 Fair4All Finance 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. Those more likely to be financially disadvantaged were more likely to experience discrimination.
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