New research conducted by Fair4all Finance, sheds light on the challenges faced by individuals from minority ethnic groups in accessing mainstream financial services. The study revealed that these individuals are more likely to experience exclusion from the financial system, encounter higher levels of discrimination, and face multiple barriers when trying to access essential financial services.
As part of the specialist steering group for this research, Rooted Finance were privileged to contribute to the study and offer our insights into the issues faced by minority ethnic communities. It was a valuable opportunity to collaborate with other experts in the field and work towards a better understanding of the financial exclusion faced by individuals.
The report highlights:
  • 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
The findings from this research highlight the urgent need for action to address the systemic barriers that prevent minority ethnic groups from accessing mainstream financial services. By acknowledging these challenges and working together to find solutions, we can create a more inclusive and equitable financial system that serves all individuals, regardless of their background. We are committed to continuing our efforts to promote financial inclusion and diversity within the financial sector. By amplifying the voices of underrepresented communities and advocating for change, we can strive towards a more inclusive and fair financial system for all.
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