Tweet
Thinktank Runnymede publishes report with recommendations for Government money advice service
Runnymede’s report argues that people from Black and Minority Ethnic (BME) backgrounds are more likely to be unemployed or living in income poverty than the wider population and many are socially marginalized because of language and cultural differences. Against the backdrop of the recession, many BME people have serious money issues and a pressing need to access support from money advice services.
Runnymede’s new report, Seeking Sound Advice: Financial Inclusion and Ethnicity focuses on where BME people go for money advice, as well as the factors that encourage or discourage them from doing so. Using research gathered from within ethnic minority communities, the report also gives an insight into BME people's experience of advice in banks and charities.
The report comments on the Government's Money Guidance. The scheme aims to provide free and impartial advice on a range of money issues, and is currently being extended across the country. The following recommendations are made by the report for Money Guidance:
View the full report for further information,'Seeking Sound Advice: Financial Inclusion and Ethnicity'.
More...
Runnymede’s report argues that people from Black and Minority Ethnic (BME) backgrounds are more likely to be unemployed or living in income poverty than the wider population and many are socially marginalized because of language and cultural differences. Against the backdrop of the recession, many BME people have serious money issues and a pressing need to access support from money advice services.
Runnymede’s new report, Seeking Sound Advice: Financial Inclusion and Ethnicity focuses on where BME people go for money advice, as well as the factors that encourage or discourage them from doing so. Using research gathered from within ethnic minority communities, the report also gives an insight into BME people's experience of advice in banks and charities.
The report comments on the Government's Money Guidance. The scheme aims to provide free and impartial advice on a range of money issues, and is currently being extended across the country. The following recommendations are made by the report for Money Guidance:
- Enlist BME Money Guidance advisors To improve trust and communication with BME people in need of advice, making marginalized people more able and confident to take up the support and improve their situation;
- Prioritise face-to-face advice Delivering more face-to-face service to help improve trust and communication and will meet people’s multiple needs; and
- Engage with BME community centres Consumer Financial Education Body (CFEB) should engage with centres serving marginalized BME communities to help increase access to money advice and support.
View the full report for further information,'Seeking Sound Advice: Financial Inclusion and Ethnicity'.
More...
