Financial wellbeing and ethnicity

Chidozie Umeh*, Nelarine Cornelius

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review


With growing ethnic diversity in the UK, many studies have examined the wellbeing and financial exclusion of ethnic minorities based on aggregated survey data. However, experiences and manifestations of inequalities in financial wellbeing varied by specific ethnic groups remain poorly understood. In this chapter, we review the literature and examine how different ethnic groups compare across demographic, social, economic, and other factors with respect to savings, credit use and debt advice, the root causes of group differences, and factors leading to financial exclusion. We find that addressing inequalities in financial wellbeing requires designing potentially inclusive financial products and services by considering relational, cultural, familial, and communal factors and integrating financial solutions within initiatives targeted at broader social issues. Still, it is not practical for a few organisations in the financial industry to address historic and systemic inequalities alone, no matter how laudable their initiatives are. Government and policymakers have a critical role to play.

Original languageEnglish
Title of host publicationResearch handbook on inequality and work
PublisherEdward Elgar Publishing
Publication statusAccepted/In press - 9 May 2023

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