How ethnic minorities face higher levels of financial exclusion
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Alper Kara, Loughborough University
Access to financial services and credit is generally regarded as a necessity to lead a normal life. Whether it is basic bank and saving accounts, a mortgage to buy a house or loan to start a business, these are some of the essential components of the modern economy – and modern living.
Yet financial exclusion – the inability to access these financial services – is a problem for many people. And there is mounting research to show that certain sections of society are affected more than others. There are two main areas where access to finance is needed: consumer credit and mortgages. In both areas, there is a large amount of evidence to show that ethnic minorities are worse off than white households.
Financial exclusion plays a critical role in increasing poverty and limiting prosperity for all. The link between ability to access finance and prosperity is a simple one. Take, for example, consumer credit. It enables spending that exceeds our monthly ...
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