Money A+E reposted this
Some of the banks are being told they're not paying enough interest on #savings. Of not passing on the base rate increase to their customers. What if there was another issue at play here? An issue of who is accessing those savings rates. Right now savings rates are higher than they have been for many years. The best fixed term savers are offering up to 6.1%. So it’s a really important opportunity to build wealth and become financially resilient. But people from Diverse Ethnic Communities generally have much lower levels of savings than their white British peers. For every £1 of wealth held by white British households, Pakistani households hold around 50p - and black African and Bangladeshi households, approximately 10p.* The reasons behind that #inequality are complex, but at Money A+E we don’t think it is acceptable or inevitable. And we’re taking action. We're delivering accessible, culturally competent financial education, because it is a powerful tool in closing the savings gap. Our Education Team have been spreading the word about the higher savings rates and why it’s important to take advantage. They've been sharing savings strategies in our workshops, and the power of getting started. Even 1p per day is a powerful habit, that can grow into 10p per day, £1 per day – and that’s even before interest is added on top. Frederick, our Head of Education, puts it like this: ‘Financial literacy develops certain habits, it makes you aware. Many of the people that we see don’t know about certain products that could help them. Being able to make those things visible for them is very important. With the right support, we see people save £100s, £1,000s.’ ------------------------ At Money A+E we target our support to Diverse Ethnic Communities, disadvantaged groups and young people. Our workshops have reached 1,000s of people with life-changing financial education. We deliver to adults in the community and young people in schools. Contact us to learn more about our service or partnerships. #ethnicitypremium #financialresilience #financialinclusion #equality #inclusion #diversityandinclusion #finance *Source: Runnymede Trust, ‘The Colour of Money’
Such a great offering - and so important to be reaching broader communities. Thank you.
Fantastic work being done here by the look of it.
Diversity-X | Bermudian Trailblazer 🇧🇲 | The Purpose Project ⚡️
2moThis is something I aim to change. We want to launch an Angel investment program to help with this as well.